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Russian President Vladimir Putin’s invasion of Ukraine and Chinese President Xi Jinping’s (習近平) increasing authoritarianism have belatedly awakened much of the world to the failure of a geopolitical wager made by the US and its allies a generation ago. Their necessary response to today’s grim new realities reflects the cost of losing that bet, and it could change everything from security alliances, military budgets and international trade to financial flows and environmental and energy policies. The bet Western countries made in the 1990s was that integrating Russia and China into the international community through trade and commerce would hasten domestic political,

United kingdomRepublic ofTiananmen squareDeng xiaopingMikhail gorbachevMichael boskinJohn majorRonald reaganWojciech jaruzelskiHelmut kohlLee kuan yewVladimir putinGeorgehw bushFrancis fukuyamaMilton friedmanCouncil for mutual economic assistance