While confidence in the United States collapses, leaders in Australia and in the world frantically recalibrating | Julianne Schultz

As the child who realizes that her parents joked when they said that she was their favorite, people around the world go to the realization of life that their relations with the United States were not really special.

Not Australia, Canada, Great Britain, France, Germany, Japan or dozens of others who, for decades, believed that they had a unique, protective and lucrative relationship with the most powerful country of all time in recorded history.

He came as a shock everywhere, the survey after the survey reveals that confidence in the United States has collapsed and that leaders are frantically trying to recalibrate.

But what?

There is no rules of rules. Gillian Tett described the modified approach emanating from the White House as a terrifying game of revenge policy and punitive measures and the beggar approach to the economy.

Tett is worth listening to. She is the commentator of the Financial Times who predicted the global financial crisis, and then wrote the gold of successful fools on the collapse of 2008 which revealed fractures under an economic system based on the non-fabrication of finances.

This crisis revealed a naked emperor. But in the country after the country, most of the emperors sitting in their glass towers in the financial neighborhoods have continued as if nothing had happened, without punishment. The system was tried too much to fail and their companies received generous rescuers.

It is ordinary people who have lost their homes and their economies and have been forced to support erroneous austerity policies that simply made life more difficult and further weaken public confidence.

Over the next 17 years, a small number of billionaires have become richer and more influential. While America strives to become even greater, threats from another global collapse are looming.

Australia managed the 2008 crisis better than most nations, due to advanced thought, targeted intervention by a proactive government and the apparently insatiable Chinese need for iron ore.

It will be a test to see which countries are the most traded with regard to recalibration which is now necessary.

Like Tett, which is also the provost of Kings College, observes it Cambridge: each person assumes that the intellectual framework with which they have grown and built their careers is natural, normal, inevitable and should be universal. It's just the nature of a human being. And everyone is wrong. Ideas change over time. They go to modes or cycles.

The current generation of decision -makers and business leaders has grown up with strong faith in the market, in a globalism based on assessments of national comparative advantage and regulation by internationally accepted rules.

So now, they launch their hands in horror and point to the established economic theory and expose that the prices do not work, that government services are essential and indicate the legal and political theory which demonstrates why a system based on rules has broken down for 80 years which has served most of us.

Critics have been pointing out for years the defects of the world neoliberal system, highlighting the growing levels of inequality, the hollow of economies based on close definitions of comparative advantage and environmental destruction.

But the efforts to design a new model have been slow and unproductive, despite the increase in public discomfort. Those who have done the best of this system will not give up easily. Donald Trumps brokers participated in these bubbling discussions, but with a different perspective. They have developed thick skins by being foreigners whose ideas have been marginalized and shown.

They now have access to power and have pushed economic discussion on an unexplored territory with a president ready to sign another decree. They are not interested in making the system more equitable. Their goal is to make America large, their strategy to reset the global financial and commercial system, and their intimidating tactics with prices, threats and military power.

Over the past 150 years, America has been a dominant power. Although it has only 5% of the world's population, it has always represented about a quarter of world economic production. During this period, the guidance paradigm of the economy and social organization changed, because the old models imploded or collapsed with the war.

Australia has been able to respond to the evolution of economic paradigms. He developed a national philosophy which exceeded a colonial state of mind at the beginning of the 20th century. Its economists were at the forefront of the development of what has become known as Keynesianism to use state resources in collaboration with the private industry to maximize the advantages of the public, and when this model has ossified Australia developed what was called the third way, an approach to deregulation and privatization which actively balanced the interests but was weakened over time.

The question is whether there are intellectual and capital resources to do so now. Australia is still one of the richest countries in the world, but the economy is now one of the least diverse and the least complex. Our comparative advantage in resources remains, but we have not been as attentive as we owe it to our comparative advantages in education, research, building of democratic institutions and by promoting equality of opportunities and income.

Like these adult children who discover that they were not the favorites find new ways to work together, the nations will have to find new ways to collaborate without a manipulator parent in the room.

Julianne Schultz is the author of Australia's idea

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