Mark Carney's recent comments make it seem like the world is moving to a more decentralized economy rather than depending on a single centralized server. #economics

"The security, prosperity and resilience the old system delivered depended heavily on the commitment of its core, the United States of America. As that indispensable nation has adjusted its commitments to global institutions, the fragility of the post-cold-war system has been revealed.

To re-establish resilience, a new web of ad hoc co-operation is beginning to emerge. We are entering an era of “variable geometry” characterised by dynamic, overlapping, pragmatic coalitions, built around shared interests, and occasionally shared values, rather than shared institutions.

Though the growth of variable geometry risks fragmentation, duplication and potential inequities for those left outside these clubs, such concerns should be outweighed by the benefits of speed, adaptability and impact. These coalitions could ultimately prove more resilient to future shocks than the current hub-and-spoke system that is only as strong as its core. Variable geometry need not be static: successful coalitions will attract new joiners."