Geopolitics took a real turn during the meeting in Riyadh between Americans and Russians.
Suddenly, Russia reintegrated the concert of nations and regained a respectable status. This radical change further isolated Europe, which could no longer count on the United States as an ally. This was a complete reversal of the pattern established after the Second World War. At the time, the USSR and the United States defended two antagonistic world views. Europe itself had been divided between the two powers and the world of Europeans was built on this scheme.

Putin had been ostracized by the West after the invasion of Ukraine on February 24, 2022. The sanctions had been voted by the USA and Europe but rejected by China and India. Two political constructions clashed. India and China allowed Russia to continue the war effort by not banning purchases of Russian oil in particular.
The resulting precarious balance was not the best because at no point did it create the conditions for a solution to the Ukrainian conflict.

With the arrival of Donald Trump at the White House, the rules of the game are being called into question. According to Washington, a country can want to annex another at will. Canada, Greenland, the Panama Canal or more recently the Gaza Strip could have a bitter experience of this. This would thus validate Russia’s choice over Ukraine.

With Trump, international relations can only be understood through the prism of the balance of power. This is why he misunderstands European construction based on cooperation and coordination. This is one of the reasons for the recent violent messages sent to European citizens and governments. They should be able to create cracks in European solidarity already battered by European governments that position themselves close to Trump and/or Putin.
The United States, China and Russia then emerge as three major powers while Europe appears helpless.

For the economist, the model changes. Throughout the period since the mid-1980s, shocks were economic and could be resolved by coordinated action by central banks and governments. This was in the collective interest and was therefore easy for economists to understand.

A world of balance of power is much more heterogeneous in its behaviors and in its reaction functions. Choices no longer result from an optimization calculation but from parameters specific to each government. Uncertainty will have to be understood differently. The talent of economists will focus on the prioritization and management of these uncertainties. Their ability to reason about uncertainty will have to generate action because the economy must start up again to avoid too strong a hold of politics.