JOSEPH E. STIGLITZ
In 2025, Donald Trump's erratic, unlawful policies upended the postwar era of globalization and set in motion a process that will culminate in America's loss of global primacy. Not only are the sources of US economic strength being destroyed, but all other countries are de-risking from America as fast as they can.
NEW YORK – It has become almost routine to end each year with talk of the “polycrisis,” and to acknowledge the difficulty of anticipating a future that seems pregnant with the risk of new wars, pandemics, financial crises, and climate-driven devastation. Yet 2025 added a uniquely toxic ingredient to this mix: the return to the White House of Donald Trump, whose erratic, unlawful policies have already upended the postwar era of globalization. Faced with so much chaos and uncertainty, can we say anything with confidence about where the US and global economies are heading?
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