, Columnist
More Risk, Less Reward: Welcome to the New World Order
The global economy is entering a new era in which economic relationships are secondary to political considerations.
Making his presence felt.
Photographer: Stefan Wermuth/Bloomberg
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When you are at Davos — and I was there last week, no apologies, I was just doing my job — it is tempting to read small shifts as profound trends that will upset the world order as we know it. You have to work to resist this temptation. More likely, you’re just hungry and tired.
This year, however, I feel confident in saying that major change is upon us. The world is entering a new regime in which economic relationships are secondary to political considerations. That will bring more financial risk and less economic growth.