Each year, Eurasia Group lists ten top political risks to watch and potentially guard against from a global market perspective. This year is different in that what leads the pack is not a traditional risk confined to a country or a region, but rather one of global architecture and a structural shift in its order. That is:
After the financial crisis, the G7 was replaced by the G20. This change brought no challenge to America's global military supremacy. But the rules of the economic road are a different story and the new geopolitical order is shaped not by a military balance but by an economic one. This new world order marks the end of a decades-long agreement on how the global economy should function. This is world-changing indeed, because the dominant economic trend of the last half century, globalization, now faces a direct challenge from geopolitics.
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