Will we sustain an open global economy while also managing tensions between a rising autocracy and democracies in relative economic decline? That was the question posed by the arrival of imperial Germany as Europe’s leading economic and military power in the late 19th century. It is the question posed today by the rise of communist China. Now, as then, mistrust is high and rising. Now, as then, actions of the rising power raise risks of conflict. We know how this story ended in 1914. How will the new one end, a century later?
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