The article likens the functioning of the world economy to a supercomputer that processes vast amounts of information essential for capitalism. However, it is currently at a crucial turning point, requiring both updates to its economic software—new governing ideas—and a refit of its hardware—markets and institutions. This shift is characterized by the rise of right-wing populism and economic nationalism, indicating a profound change in how capitalism operates. The outcome depends on which economic principles the society chooses to adopt moving forward.
The global economy is getting a hardware refit and trying out a new operating system-in effect, a full reboot, the likes of which we have not seen in nearly a century.
We are in one of those Control-Alt-Delete moments... globalization's American-led era of free trade and open societies is coming to a close.
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