Is it the question time for capitalism?

Since the onset of the new millennium, there have been profound transformations in postwar global geo-economic order, where China is now the world’s second-largest economy and, despite recent slower growth, is soon to become the largest — supplanting the United States after more than 150 years of global economic dominance. In the meantime, Europe’s economy has yet to emerge from a decade of stagnation and where European politics, both regionally and nationally, represent a continuing drag on a robust future. At the same time, globalization of everything is also facing new political, economic, and social counterforces from those that are not benefiting from the globalization project of the last quarter of a century, manifesting as a potent cocktail of nationalism, protectionism, xenophobia, and some form of  jihadism seeking to operate entirely outside the already weak fabric of international law. Taken together, postwar global geo-economic order seems to be approaching a new tipping point that departs from the comfortable assumptions of capitalism that the dynamics of greater global integration were somehow both benign and unstoppable. But the key question is: what the next economic system will be?