You have to relate markets to geopolitics and politics. Traces history from 2000 tech bubble through 9/11, wars, deficits, 2008 crisis (which exacerbated wealth gap), zero interest rates, QE, monetization of deficits, negative rates, digital tech boom, 2016 populism/Trump election, worsening US-China relations (great power conflict), and the resulting leveraging up of private equity/venture capital.

In times of great geopolitical conflict, economies shift from consumer-based to more directed (industrial policy) to allocate resources for competitiveness, especially in AI, infrastructure, energy. Cites US-China tech war, which is linked to military supremacy.

Highlights immigration/migration and demographics as key: developed world (US, Europe, China) has declining populations; emerging Global South has growing populations wanting to migrate, exacerbated by climate change. This creates cultural and political issues.

Success requires: 1) Educated, productive, civil population; 2) Sound financial system (earn > spend, assets > liabilities); 3) Avoid internal/international wars. Some places now meet these criteria better than 25 years ago.