Globalization is dead — the world faces an existential choice

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In November 1985, during their first summit in Geneva, US President Ronald Reagan and Soviet President Mikhail Gorbachev slipped away from the official proceedings to speak privately. Only years later did we learn what they discussed. Gorbachev told the broadcaster Charlie Rose that Reagan had asked him a startling question: “What would you do if the United States were suddenly attacked by someone from outer space? Would you help us?” Gorbachev replied: “No doubt about it.” Reagan responded: “We, too.” Although the two superpowers were locked in a nuclear arms race and staring each other down across Europe, they could still imagine uniting against a common existential threat.

Four decades later, humanity finds itself locked in another arms race. The Stockholm International Peace Research Institute reports that global defense spending reached a record $2.7 trillion in 2024 — an inflation-adjusted increase of 9.4 percent over the previous year. After nine consecutive years of such spending increases, this surge is unprecedented since the end of the Cold War, with little indication that it will slow. Dozens of countries are expanding their militaries, and more governments are making long-term commitments to boost their defense budgets.