A New World Architecture
The world is facing a choice between two fundamentally different forms of organization: internationalist liberal capitalism and authoritarian state capitalism. The former, represented by the United States, has broken down, and the latter, represented by China, is on the rise.
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NEW YORK – Twenty years after the fall of the Berlin Wall and the collapse of communism, the world is facing another stark choice between two fundamentally different forms of organization: international capitalism and state capitalism. The former, represented by the United States, has broken down, and the latter, represented by China, is on the rise. Following the path of least resistance will lead to the gradual disintegration of the international financial system. A new multilateral system based on sounder principles must be invented.