knowledgesm

Global Affairs Session 73 6 August 2026 THE KINDLEBERGER TRAP When no one wants to lead The Kindleberger Trap describes a world in which the established power stops supplying global public goods, while the rising power does not replace it. Trump’s transactional America, Xi Jinping’s limited responsibility and Putin’s disruptive strategy point towards fragmented power, competing blocs, weaker institutions and crises without a trusted stabiliser.