Financial Times: The world order of the global economy is dead

Pars Today- The Financial Times, in a report stating that the old order of the global economy is dead, wrote that China and Europe must seek new solutions to create a new order in the economy.
The Financial Times on Wednesday published an article by Martin Wolf, which stated that the approach of U.S. President Donald Trump is not only intellectually incoherent but also fatal for any global order based on cooperation. Meanwhile, some believe that the collapse of such “globalization” is desirable. According to Pars Today, Martin Wolf added that the idea that a world dominated by great predatory powers could be better is a foolish notion.
Wolf noted in this report: The financial crisis in the world and in the Eurozone, which was widely discussed between 2007 and 2015, is one of the fundamental problems caused by global imbalances.
The report further elaborated: For years, some countries, including China and Germany, have exported more than they import, resulting in trade surpluses. Conversely, the U.S. has always imported more and faced trade deficits. This trend has made the U.S. the largest global debtor.
Wolf concluded his report by stating that the U.S.-led global economic system is no longer effective. The world, especially China and Europe, must seek new solutions to regulate the global economy.
MG