Mark Carney says rules-based global order is over, offers blueprint for ‘third path’

Invoking Vaclav Havel, he said it was time to stop pretending that what the western powers called a rules-based order was not a self-serving sham.

“Great powers can afford, for now, to go it alone. They have the market size, the military capacity and the leverage to dictate terms. Middle powers do not. But when we only negotiate bilaterally with a hegemon, we negotiate from weakness. We accept what’s offered. We compete with each other to be the most accommodating,” he said

“Being a happy vassal is one thing, being a miserable slave is something else,” he said.

“If you back down now, you’re going to lose your dignity, and that’s probably the most precious thing you can have in a democracy, it’s your dignity.”