The old global economic order is dead

The old global economic order is dead

China and others must think afresh as the US steps away from its role as balancer of last resort

Prepare for the Global Euro | by Hélène Rey - Project Syndicate

After serving as the world's hegemon for decades, the US appears to be renouncing the role by refusing to supply global public goods and eroding confidence in the dollar. This creates an opportunity for the eurozone to capture some of the exorbitant privilege long enjoyed by the US.

Right-wing governments take power, trade wars come to an end, the dollar regime is shaken and a new arms race threatens: capitalism is at a historic turning point. Political economist Lucio Baccaro explains how the political left can intervene.