Martín Guzmán spells out how global capital flows and private financial power are shifting the economic balance of power between states and markets. Whilst this often brings stability for advanced economies, it also leads to greater volatility in interest rates and financing conditions which in turn alters the balance of power within individual countries – such as between the labour sector and the financial sector. Argentina’s former Minister of Economy sees this as a development driven and accelerated by the private sector, which widens the gap between markets and states just as much as that between developing and industrialised countries. -fw

Katrin Rulle

Kevin Casas-Zamora says he was a true believer in free trade and trust. Looking back, however, people were too naive about the disadvantages of globalisation. Today, he sees a growing instrumentalisation of resources such as energy as a means of power. The concentration of power and wealth in the hands of private actors is also altering the global economic structure and distorting the balance of power, he says, pointing to Silicon Valley tech firms which wield enormous power. Too much reliance was placed on the goodwill of others, such as Russia, he argues. -nk

Katrin Rulle

Isabella Weber also points to a persistent global divide, with most countries stuck trapped within a hierarchy. The turning point came when China became competitive in key technologies – ever since, industrial policy and protectionist strategies have returned with renewed vigour in the West. Now, the crucial question is whether a global order can be established that is not based on dominance, but on genuine cooperation in the interests of humanity on this planet. -fw

Katrin Rulle