That crashing sound you heard in world markets last week wasn’t just a correction. It was the sound of the end of an age.
During the long era of relatively stable international relations that succeeded the Cold War, markets enjoyed an environment uniquely conducive to economic growth. The U.S. faced no peer competitors, and the most important great powers generally (if sometimes selectively) supported Washington’s emphasis on opening markets and reducing barriers to investment and trade. The positive-sum logic of economics trumped zero-sum international politics in the halls of power world-wide.
To read the full article on the Wall Street Journal website, click here.