Multilateralism Will Survive the Great Fracture
Although China and the US are strategic rivals, each depends on global markets, finance, and innovation, and needs to co-opt other countries and regions in order to sustain its own power. For this reason, both will use multilateralism, formal and informal, to protect the system within which they have flourished and to solidify their alliances.
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OXFORD – At the recent opening of the United Nations General Assembly, UN Secretary-General António Guterres warned that the United States and China could “split the globe” into separate trade and financial blocs with diverging Internet and artificial-intelligence capacities. Moreover, he said, such a “Great Fracture” between the world’s two largest economies could become a geostrategic and military divide.