Geopolitics and the global economy

Hyperglobalization is dead, but globalization is very much alive. It is being reshaped by loosening economic and financial links between the United States and China. The extent of their decoupling should not be exaggerated, however. The two economies remain deeply interdependent, and their interdependence is being preserved by a re-routing of trade and investment through third countries. Similarly, it is important not to exaggerate the impact on the international role of the dollar, if for no other reason that for the time being there is no viable alternative.