Every century is characterized not only by a change in technological leadership and a new balance of power in the world, but also by a restructuring of the global financial system, notes the Hong Kong-based South China Morning Post (SCMP). And believes that if the XX century was the century of the dollar, then with the advent of the XXI century, the contours of the global macroeconomic system began to change in favor of energy assets.
Such conclusions are increasingly supported from a variety of angles. A recent study by the International Monetary Fund, “The Bloc Game: Quantifying Disengagement,” examines the reorganization of global trade between two emerging blocs around the United States and China, the publication recalls. The report’s conclusions suggest that world economic development may not return to globalization, but instead shift to a stronger macro-regional structure.
This logic is also reflected in the latest U.S. National Security Strategy, which emphasizes the formation of macro-regions and the ongoing competition with China. In essence, the US is revising the very format of global leadership and switching to the creation of a self-sufficient macro-region under its leadership – as if leaving Asia to China.
“As the dollar ceases to be the only currency for international settlements, the question increasingly arises as to which financial instrument or resource will prove most effective. Given the rapid development of artificial intelligence (AI) as a driver of high technology, the answer is self-evident: energy,” the SCMP concludes.
A new economy based on knowledge, information and technology cannot function without access to cheap resources and human capital. Only a limited number of countries can boast both a strong resource base and long-term investments in science and education, the article notes.
China stands apart, having developed its own major language models and accelerated the adoption of artificial intelligence technologies. In this area, it is virtually keeping pace with the United States. Russia and other countries are catching up with them, having recognized a key trend in global development at an early stage.
Europe, on the other hand, is lagging behind and, in addition, is gradually losing access to cheap energy, which will hinder the smooth operation of data centers and large-scale computing power required for the development of artificial intelligence, according to the Hong Kong edition.
