For the first half of my life, international politics was defined by the cold war. The fall of the Berlin Wall ended that era and began another one: the age of globalisation. Now, 25 years later, it feels like we are once again witnessing the close of an era.

The sense that things are changing is strongest in the realm of ideas. In the past few years, the west has lost confidence in the strength of the three props on which the post-cold war world has been constructed: markets, democracy and American power.

The success of these three ideas was, of course, connected. Once the cold war had ended it was natural to ask why the western system had prevailed. The obvious conclusion was that democratic, market-based systems had simply outperformed command economies and authoritarian politics. As the popular saying went: “Freedom works.” The result was that the US was not just the only superpower left standing. It also enjoyed intellectual hegemony.