Im Herzen der Weltwirtschaft gibt es eine „Schreckensschleife“.

*In a new book, economist Eswar Prasad argues that globalization and populism have entered a destructive feedback cycle.*

*Enda Curran for Bloomberg News*

When Eswar Prasad sat down in late 2024 to review the draft for his new book, he worried it was too dark. But the outcome of the US presidential election and the shock waves that followed convinced him that, if anything, the initial take wasn’t dark enough. He doubled down on the thesis.

In *The Doom Loop: Why the World Economic Order Is Spiraling into Disorder* (Basic Venture, Feb. 3, 2026) the economist takes on a well-established theme — that the world economy is experiencing tumult — and pairs a sweeping read of world events with a simple thesis. More competition in the zero-sum world of geopolitics is turning traditional engines of cooperation like trade into new sources of conflict and instability. As power-hungry elites cling ever more tightly to their perches, populist politics grow stronger and the system destabilizes even further. That’s the doom loop.

Prasad begins his diagnosis with the ongoing rebalancing in economic might, which he says is the main driver of power on the world stage. “The economic center of gravity is clearly shifting from the West to the East,” he writes, “reflecting a more even distribution of GDP and other measures of economic prominence such as trade.”

[Read the full review here.](https://www.bloomberg.com/news/articles/2026-02-20/how-the-us-china-rivalry-is-creating-an-economic-doom-loop-eswar-prasad?accessToken=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJzb3VyY2UiOiJTdWJzY3JpYmVyR2lmdGVkQXJ0aWNsZSIsImlhdCI6MTc3MTY2MzU0NywiZXhwIjoxNzcyMjY4MzQ3LCJhcnRpY2xlSWQiOiJUQVI2STRLSVAzSUowMCIsImJjb25uZWN0SWQiOiJEMzU0MUJFQjhBQUY0QkUwQkFBOUQzNkI3QjlCRjI4OCJ9.iuRoHuu9QTCuNRn1CB5SPGjLH2mlf2aBWFG22kN3bCQ)