Global order to shift left in 2023: The Economist

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An analysis by The Economist highlighted that world politics in 2023 could shift as the world faces a critical juncture similar to those of 1945 and 1979, which had significant effects on global politics and economies.

According to The Economist, in "rich democracies" public opinion appears to be swinging to the left. In the US, for example, a poll by the Pew Research Centre revealed that the number of respondents who had previously felt that banks had a good influence on the economy declined from 49% in 2019 to 40% in 2022.

The reduction was identical in tech businesses, especially the larger corporations, the report noted. 

This appears to be a significant distance from the notion in the 1980s that considered private industry would fix many of the world's issues, according to The Economist.

The notion that 2023 will be a watershed moment is backed by the kinds of tectonic changes that cause widespread transformation, The Economist argued.

However, the report noted that historical turning points were made possible not only because political parties advocated for new ideas. 

On the other hand, the report explained that because they were willing to make the necessary sacrifices to put those ideals into practice, a matter which political authorities have not yet proved to have materially matured.

In conclusion, The Economist report wrapped by stating that "the absence of mass membership" and with elections becoming increasingly close, the incentives in most democratic nations are for parties to "keep as many of their supporters as possible happy and not to take risks." 

As per the report, there is an "appetite" for broader change, but it remains unlikely that a new political direction will emerge in 2023.

Read more: Western dominance to be replaced by bi-polar world order: Tony Blair

Global trade is shifting: WSJ

On the other hand, the Wall Street Journal (WSJ) wrote on Sunday that deglobalization is constantly reshuffling trade flows, which creates new geopolitical winners—"if they are astute enough to seize the opportunity."

Global trade took some big knocks in 2022, according to WSJ, adding that Russia’s commodity flows to Europe shrunk to a trickle and lockdowns in China disrupted supply chains.

The Biden administration provided massive subsidies for the manufacture of semiconductors and electric-vehicle batteries in the United States, the daily wrote, both of which are now dominated by Asia. 

According to WSJ, former President Donald Trump unleashed a previous wave of talks about deglobalization in 2018 with his tariffs on Chinese products, that said, US imports boosted from Southeast Asian nations such as Vietnam, Indonesia, and Thailand at China’s expense, rather than reducing imports overall.