Russia creates new geography of global trade — PM Mishustin

The world is bifurcating into the US-led system and others. This is simultaneously leading to a split in world trade including settlement, which is the foundation of the global economy. In this sense, multipolarity is already here and the question is whether the US can reverse it.

BTW, economic geography is a key aspect of economics. (It is Paul Krugman's side interest.) Economic geography is foundational to the world system.

The world system is primarily an information system, which in modern times deepened and broadened owing to advances in communication and transportation technology. The global financial system is chiefly an information system, for example, whereas world trade involves trafficking in real goods.

The global financial system is about become more complex with multipolarity, and world trade will likely contract during the transition period unless the US and its allies are able to counter the drive toward multipolarity. That is unlikely to happen without involving kinetic war. Ukraine and Taiwan are the focal points now.

TASS (Russian state media)
Russia creates new geography of global trade — PM Mishustin