TIME

The global order is coming apart, and liberal democracy is under threat. Welcome to 2018

Trump’s second year in office will be buffeted by a geopolitical depression

MARKETS ARE SOARING, BUT THERE ARE DEEP DIVISIONS among citizens of both developed and developing countries as we enter 2018. Liberal democracy is leaking legitimacy, and the global order is unraveling. Consequently, this year looks especially ripe for an unexpected crisis: the geopolitical equivalent of the 2008 financial meltdown. The risk of a geopolitical depression—as

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