The global economic structure is undergoing changes, moving beyond the simple imbalances observed after the 2008 financial crisis. The interplay of AI and geopolitical tensions is forcing a rethinking of traditional economic orthodoxy.

Global imbalances are once again taking shape, albeit differently than how they manifested before the financial crisis of the late 2000s. Back then, the story was simple: some countries, led by China and Germany, saved too much, while the United States consumed too much. The answer, at least in theory, was also simple: surplus countries should rely more on domestic demand while deficit countries should save more; exchange rates should adjust. While that framework still matters, it no longer...