Russian President Vladimir Putin’s invasion of Ukraine and Chinese President Xi Jinping’s increasing authoritarianism have belatedly awakened much of the world to the failure of a geopolitical wager made by the United States and its allies a generation ago.

Their necessary response to today’s grim new realities reflects the cost of losing that bet, and it will change everything from security alliances, military budgets and international trade to financial flows and environmental and energy policies.

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