During the 19th century, Westerners provided ideological justifications for their colonization, namely spreading the Enlightenment across the globe. This project was received favorably until the second half of the 20th century. Over the last 20 years, it has met new hostility. The “universal values” promoted by the West are viewed today as a form of imperialism to be opposed – especially by China, Russia and Turkey.

Following the collapse of the Bretton Woods system, the international community sought new stability in the financial system and the assurance of sustained growth. The crisis that began in 2007-2008 has revealed weaknesses that affected advanced economies first and foremost. Efforts have since been made to consolidate the international financial architecture, to coordinate macroeconomic policy, and to improve foreign exchange relations, even if this latter objective has proven complex.

The trade war between the United States and China is not only due to Donald Trump’s impulsiveness. Its roots are in fact profound and follow three structural changes in the multilateral trading system: the reversal of comparative advantages, the now central role of certain developing countries, and the re-balancing of power that makes coordination between states difficult. In this context, the future of world trade has yet to be written.