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Changing economic orders

Generating returns in an environment of low credit spreads and macro volatility

16 March 2026 Video, Global macro

In this session, Gareth Colesmith, Head of Global Macro Research explores how a shift towards a potential “neofiscal” economic era–driven by geopolitics, trade fragmentation, technology and demographics–is reshaping policy choices, risks and the macro forces investors need to monitor as the global order evolves.

Key takeaways

  • There has been a long‑run shift in economic regimes, from Keynesian fiscalism to neoliberalism and towards a possible “neofiscal” era across money, trade, industry and labour.
  • Geopolitics, trade fragmentation, industrial policy, technology and demographics are reshaping global power balances.
  • These regime shifts affect policy choices and risks, including central bank independence, financial repression, the future of money, and the macro forces investors should watch as the global economic order evolves.
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