Economist Charles Gave has released his latest book, Les mondes de demain (The Worlds of Tomorrow), analyzing what he describes as a major global confrontation centered on Asia and Eurasia, currency dynamics, and access to energy. The book draws on Gave’s more than fifty-five years of experience in financial markets, according to Gavekal Group, the firm he founded.
Gave’s analysis comes as geopolitical tensions rise and questions surrounding the global economic order intensify. His function focuses on the shifting balance of power and the implications for international trade and finance. A central theme, as highlighted in a YouTube discussion of the book, is the potential for a clash of empires, particularly concerning the role of the U.S. Dollar in a multipolar world.
Gavekal Group publishes several books authored by Charles Gave and Louis-Vincent Gave, including Clash of Empires: Currencies and Power in a Multipolar World, published in 2019. This earlier work explores the relationship between currencies and geopolitical influence, a theme that appears to be further developed in Les mondes de demain. The firm as well offers titles on portfolio construction, navigating uncertain times, and understanding China’s economy.
According to an analysis of Clash of Empires, a key question is whether China’s Belt and Road Initiative – a massive infrastructure project extending across Central Asia, Africa, and the Middle East – will be undermined if trade along these routes continues to be conducted in U.S. Dollars. The analysis suggests that reliance on the dollar could exit China dependent on the U.S. Financial system and government, hindering its ambitions for greater global influence.
Charles Gave’s recent work includes Avoiding the Punch: Investing in Uncertain Times (2021) and Stagnation or Bust? A Wicksellian View of the Natural Interest Rate, the Market Rate and Asset Allocation, which focuses on identifying recession markers and thresholds for risk asset allocation. His General Theory of Portfolio Construction, also published by Gavekal Books, integrates macro investing concepts into a framework for portfolio building.
