The Changing World Order

From the #1 New York Times bestselling author of Principles and legendary investor Ray Dalio, who has spent half a century studying global markets, The Changing World Order examines historys most turbulent economic and political periods to reveal why the times ahead will likely be radically different from those weve experienced in our lifetimes. A few years ago, renowned investor Ray Dalio began noticing a confluence of political and economic conditions he hadnt encountered before in his fifty-year career. They included large debts and zero or near-zero interest rates in the worlds three major reserve currencies; significant wealth, political, and values divisions within countries; and emerging conflict between a rising world power (China) and the existing one (US). Seeking to explain the cause-effect relationships behind these conditions, he began a study of analogous historical times and discovered that such combinations of conditions were characteristic of periods of transition, such as the years between 1930 and 1945, in which wealth and power shifted in ways that reshaped the world order. Looking back across five hundred years of history and nine major empiresincluding the Dutch, the British, and the AmericanThe Changing World Order puts into perspective the cycles and forces that have driven the successes and failures of all the worlds major countries throughout history. Dalio reveals the timeless and universal dynamics that were behind these shifts, while also offering practical principles for policymakers, business leaders, investors, and others operating in this environment.