(September 12, 2025)
As I’ve discussed at length recently, we have already witnessed the death of the global trading system as we have known it. But this slide away from the rules-based system isn’t limited to trade. It is evident in the use of military force as well.
Three examples of unilateral military action over the past couple weeks are particularly instructive:
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That is the real Hobbesian peril. Each of these actions can be seen as an isolated instance, but if one or two or three countries take kinetic action unilaterally, it risks creating a permission structure where others feel there are no guardrails to constrain them.