Modern Mercantilism
We are in a new geopolitical and macroeconomic paradigm. For decades, globalization—characterized by rising trade and capital liberalization—defined the world order. That era is over. In its place is emerging what we call “modern mercantilism,” where national self-interest takes precedence over global cooperation. While this transition has been underway for years, it has now sharply accelerated. A global system of interdependence, built since the dawn of the US-led postwar era, is unraveling. Explore a selection of our insights on this shifting landscape and the profound implications it holds for the global economy, markets, and monetary system.
March 10, 2025
For decades, America has consumed much more than it produces, financing persistent trade deficits with debt that foreign investors are happy to buy. President Trump is unwilling to accept this state of affairs. In a guest essay for the New York Times, co-CIO Karen Karniol-Tambour describes what this shift means for Europe’s economic and security paradigm, the changes that are needed, and the barriers to reform.
February 20, 2025
Nir joins the “Board of Changemakers” panel at FII Priority in Miami to discuss ongoing geopolitical fragmentation, the changing macroeconomic landscape, and how Bridgewater has aligned itself to help investors navigate this challenging environment.
November 25, 2024
As a key part of understanding what is to come, we are working through how to model the effects of modern-day mercantilism. In this report, we share some thoughts on that endeavor.
January 6, 2025
With central banks on the verge of achieving their goals—supporting stability, profits, and asset prices—global political shifts risk upsetting the balance. Our CIOs describe these dynamics and what they mean for investors.