Bessent's Wager and Why the World is Calling America's Bluff | Henry Farrell

The global order is shifting as the United States transitions from a rules-based international system toward a more volatile, coercive form of imperial power. Henry Farrell, political scientist and co-author of *Underground Empire*, argues that this transformation stems from a compounding series of domestic and foreign policy errors that have eroded the political consensus once underpinning American hegemony. Recent events, such as the breakdown in US-Canada trade negotiations and Treasury Secretary Scott Bessent’s aggressive economic rhetoric, signal a move toward "neo-royalism," where personal and clan-based interests replace established international norms. This shift risks fracturing the intricate, interdependent networks that sustain the global economy. While institutions have been weakened by internal political dysfunction and a lack of long-term strategy, the path forward requires experimental governance and a renewed focus on building resilience against the weaponization of global financial and technological infrastructure.