"Skewering "American hegemony," Carney said that countries like Canada have long known that the idea of the international rules-based order was a "fiction" that states nonetheless signaled their support for in order to be granted access to crucial goods, trade, and other resources like finance. For decades, states with "middle" amounts of power like Canada "participated in the rituals, and largely avoided calling out the gaps between rhetoric and reality," Carney said. In return, the U.S. allowed other states access to important systems."
""This bargain no longer works," Carney told the World Economic Forum. "We are in the midst of a rupture, not a transition." But, over the past two decades, great powers like the U.S. are increasingly using "economic integration as weapons," he said. This is causing countries to retreat into themselves, becoming less reliant on outside sources - which Carney warned will lead to greater fragmentation and volatility."
The international rules-based order functions as a fiction that states signaled support for to gain access to goods, trade, and finance. Middle-power states participated in rituals while largely avoiding calling out gaps between rhetoric and reality. The long-standing bargain that allowed access to systems in return for rhetorical support no longer works and the world faces a rupture rather than a transition. Great powers increasingly weaponize economic integration through tariffs, financial infrastructure, and supply-chain vulnerabilities. The weaponization of integration is causing states to retreat, reduce external reliance, and increasing global fragmentation and volatility.
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