The international economic order that has prevailed since the end of World War II is gone for good. With the United States abdicating its leadership responsibilities, it falls to middle powers to construct a system that accommodates national preferences while safeguarding global stability.
PARIS/FLORENCE—When Canadian Prime Minister Mark Carney observed earlier this year that the world is “in the midst of a rupture, not a transition,” he captured a reality most governments have been slow to accept. The international economic order that has prevailed since 1944 is gone for good. The question now is what comes next.