Throughout his distinguished career as an economist and central banker, Mark Carney occupied a pivotal role at the intersection of global thought and multilateral institutions. Known as a “rockstar banker,” Carney frequently shared the stage with leaders from business and politics, promoting the principles of international cooperation and the necessity for open economies and shared regulations.

However, after serving less than a year as Canada’s Prime Minister, Carney recently provided a more critical perspective on the current geopolitical landscape: “The strong do what they can, and the weak suffer what they must.”

In a compelling address delivered at the World Economic Forum in Davos, Switzerland, Carney advocated for a reevaluation of the fractured international norms. He warned that “compliance will not buy safety” and declared, “The old order is not coming back. We should not mourn it. Nostalgia is not a strategy.”

The speech, received with considerable enthusiasm, indirectly referenced former President Donald Trump, acknowledging the widespread concern that his administration seeks to dismantle the foundational structures of global cooperation that have characterized the last eighty years.

Academics like Jack Cunningham from the University of Toronto commented on Carney’s insights, stating, “Leaders in other Western capitals have noted ‘dangerous departures’ from established norms, but many still cling to hopes of appeasing or accommodating Trump. Carney’s remarks challenge that notion.”

As international leaders grapple with the growing realization that they cannot “manage” Trump’s American leadership, they confront the deterioration of the international order that the U.S. itself helped to establish.

Carney articulated that power dynamics have shifted, with major nations using economic integration as leverage—be it through tariffs or financial coercion. This call for a reassessment of global alliances comes as the U.S. has begun making threats that could disrupt international trade relations.

In his address, Carney warned against a retreat into isolation, asserting that a world built on fortifications will inevitably lead to increased poverty and instability. “The question for middle powers, like Canada, is not whether to adapt to this new reality. The real question is how we adapt,” he stated.

The Prime Minister emphasized that mere fortification of national borders is insufficient. He called for more ambitious strategies that involve building diverse coalitions focused on shared values and interests. Notably, he affirmed Canada’s commitment to global trade and called for greater collaboration with other middle powers to navigate these complex circumstances.

Reflecting on his government’s recent initiatives, Carney highlighted Canada’s ongoing trade mission to China, where tariffs on Chinese electric vehicles were notably reduced—a move that represents a divergence from U.S. policy.

Carney’s vision for what he termed “variable geometry” denotes a flexible approach to forming alliances on various global issues. He underscored that middle powers must act in concert to prevent being sidelined in geopolitical negotiations.

Canada’s former ambassador to the United Nations, Bob Rae, echoed Carney’s sentiments, asserting that it is not the institutions themselves that have failed, but rather the nations tasked with upholding them. He emphasized, “Superpowers have chosen to manipulate the rules.” Rae applauded Carney’s firm resolve to collaborate with allies committed to maintaining international order.

With regard to ongoing tensions over Greenland, Carney cautioned against bargaining from a position of weakness, suggesting that such negotiations could undermine national sovereignty. “We should not allow the rise of hard power to obscure the enduring strength of legitimacy, integrity, and shared rules,” he concluded.