Deglobalisation of finance

Worlds apart

The American-led financial order is giving way to a more divided one

Worlds apart

The global financial system is in danger of fragmenting

The American-led financial order is giving way to a more divided one

Realignment

How crises reshaped the world financial system

A brief history of fragmentation

Cross-border investment

The movement of capital globally is in decline

Geopolitics is altering its trajectory

Transactions

National payment systems are proliferating

That spurs competition, innovation—and cross-border frictions

Currency wars

The fight to dethrone the dollar

Attempts to challenge the dollar have only strengthened its dominance

Future shock

How the financial system would respond to a superpower war

A conflict could deal a death blow to the global financial order

Deglobalisation of finance

Sources and acknowledgments

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