The international political and economic system is under reconfiguration, and China is fundamental for this process. China has for decades been a rapidly surging economic power, but will it continue? The country faces many challenges, and there are, as always, China observers predicting doom. This is nothing new. But just because doom-sayers have been wrong up to now, it doesn’t necessarily mean that they are wrong again. However, they probably are.

The gold price has during the last decade only gone in one direction: up! In 2025 alone, it has increased by almost 50%. Is this a bubble driven by speculation, or is something more serious going on in the world? The latter is the most likely.

After being the dominant policy globally for 40 years, the neoliberal globalisation has been discretely ditched by the advanced economies. However, this doesn’t mean a general abandonment of neoliberalism, but rather a modification of how globalisation works. The main other elements of neoliberalism are still intact, but there may be some new opportunities for policies in favour of common people. Maybe. Or maybe not.

We are in the middle of big changes in the global world order. As is often the case, it is difficult to perceive the magnitude of what is happening when you are in the middle of it. It is like not being able to see the forest for all the trees. But the changes are big, and I think the years 2023-2024 will afterwards be seen as the watershed years. The winners are the countries of the Global South, China and Russia. The main loser is the European Union.

A new a multi-polar world is dawning on us. This has implications for all corners of the world, but not least for Europe, the cradle of the two world wars. The dominating powers in Europe are US-lead NATO in the military sphere and EU in the economic and political sphere. According to both, all would be well in Europe had it not been for Russia which is a malign power trying to subdue independent countries, sowing confusion and distrust within the EU and threatening the continent with military invasion. They both need to reconsider and think harder if they are serious about conserving a lasting peace in Europa.

Despite many denials, it is clear that the hegemonic US-lead liberal international order is on its way out. What has to come is necessarily a multi-polar world, with the US as one of the heavy players, but one among several. If you have any doubts, just listen to the chairman of the US Joint Chiefs of Staff, General Mark Milley, declaring that the US is entering a “tripolar” world. It will be very difficult for the US political and military establishment to accept this bitter reality, and a politician accepting it is facing a risk of political demise. This is probably the reason there is so little debate among US politicians about how the US can find a new place in this new, difficult world.

The new catch-word in international politics is “Rule Based International Order”. The narrative is that this order is being challenged from outside by rogue revisionist countries, principally China, Russia and Iran, and from inside by nationalist and populist politicians (Trump, Brexiters, Orban, Marie Le Pen and the like). There is a call to arms to defend/re-establish this threatened Rule-Based Order. However, if we take a closer look, it becomes obvious that the rules are bent or invented to fit the wanted narrative to the extent that you start doubting whether there are any rules at all.