Where China is headed and what it means for India

Globally, the most significant geopolitical event of 2022 was the Russian invasion of Ukraine. But the Ukraine war is not simply a geopolitical clash; it also dealt a massive blow to globalisation. As the energy and grain markets were disrupted, an old contradiction, first noted by John Maynard Keynes, returned. In 1914, the world economy was more integrated than ever before, but a World War erupted, severely undermining the decades-long international economic integration. Economic globalisation and major wars, Keynes suggested, simply could not go together. In our times, too, so long as wars were confined to Iraq and Afghanistan, globalisation…