The essay, it turns out, was the prelude to a hard-hitting speech at the World Economic Forum in Davos, Switzerland, on January 20. Carney told attendees that it was important to recognise that the international system was “in the midst of a rupture, not a transition”. Carney, a former central banker, also argued it would be a mistake to mourn the demise of the rules-based order. Yet Carney deserves praise not just for his candour, but also for his lucid arguments. AdvertisementCarney put his finger on two increasingly important yet underappreciated megatrends: economic fragmentation and geopolitical realignments.