Principles for Dealing with the Changing World Order
“Read Ray Dalio's The Changing World Order. It is my number one, number two, and number three book recommendation of the year.”
Why it is worth your time
Principles for Dealing with the Changing World Order is Ray Dalio's 2021 book on why nations rise and fall. Dalio founded Bridgewater Associates, the world's largest hedge fund. He studies the Dutch, British and US empires over 500 years and sets out what he calls the Big Cycle: debt builds, wealth gaps widen, internal conflict grows, a rival power rises and the reserve currency loses its place. He argues the US is late in that cycle and China is rising. Friedberg made it his number 1, 2 and 3 pick on the Dec 23, 2021 year-end episode. Debt, currency and the US-China contest have stayed in his segments since. It suits readers who want 1 model for macro history, with charts. The Wall Street Journal's Tunku Varadarajan found it superficial, and Dalio's comments on China, where Bridgewater manages money, drew public criticism in 2021.
