From Monopoly to Age of Empires - Part II: AI and the new terms of trade: When intelligence becomes abundant, what remains scarce?
In From Monopoly to Age of Empires , we described a world fragmenting into competing technological and economic blocs. Technology, we argued, would not end scarcity.
Europe’s industrial revolution brings new growth opportunities
Europe is at a pivot point, caught between geopolitical uncertainties, industrial change and an inversion of the sources of growth. Behind this volatility lies deep structural change.
Four factors are likely to have an important bearing on financial markets in the fourth quarter of 2026: US politics, fiscal policy in the UK and France, developments involving Iran, and the corporate earnings outlook.
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