How economic interdependence fosters alliances and democracy

, concluded on May 24th, President Joe Biden conducted himself with the awkward urgency of a man trying to correct a costly error. China may be reeling, but the ambivalent reaction, outside rich democracies, to America’s late search for solidarity reveals how Washington’s global influence has faded relative to Beijing’s. Mr Biden’s proposed , unveiled on May 23rd, seems an acknowledgment of why that is: for too long America had all but abandoned efforts to forge new economic ties in the region.Establishing a causal link between economic interdependence and the balance of geopolitical power is no simple matter, however. That economies often trade more with countries that share similar political values and interests is clear enough. Yet it could be the case that strategic concerns tend to drive economic relationships, not the other way around, or that other shared features—such as income levels or culture—bring countries closer in both economic and political terms.