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Today, China’s economy is roughly five times the size of India’s. The average citizen of China has an economic output of almost $13,000 a year, while the average Indian’s is less than $2,500

In human-development indicators, the contrast is even sharper, with infant mortality rates much higher in India, life expectancy lower and access to sanitation less prevalent.

The divergence, analysts say, comes down largely to China’s central consolidation of policy power, an earlier start in opening up its economy to market forces starting in the late 1970s, and its single-minded focus on export-led growth.

China took the first-mover advantage and then compounded its dominance as it pursued its plans relentlessly.

India started opening its quasi-socialist economy nearly a decade later. Its approach remained piecemeal, constrained by tricky coalition politics and the competing interests of industrialists, unions, farmers and factions across its social spectrum.

“There is that element where China is a natural role model — not for its politics, but for the sheer efficiency,”

The world now has a radically different power structure than it did in 1990. China has already made itself the world’s factory, all but closing off any path India could take to competitive dominance in export-driven manufacturing.

A “Make in India” campaign, inaugurated by Mr. Modi in 2014, has been stuttering ever since. Wage costs are lower in India than in China, but much of the work force is poorly educated, and the country has struggled to attract private investment with its restrictive labor laws and other impediments to business, including lingering protectionism.

service-sector growth can go only so far in reaping India’s promise of a demographic dividend, or blunt the peril of an unemployment crisis. Hundreds of millions of people can’t find jobs or are underemployed in work that pays too little.

the employment entrance exams at government agencies. These jobs are still coveted as private sector work remains limited and less stable.

650,000 students will apply for just 600 or 700 jobs in the national civil service this year.

The civil service is a tiny part of the work force, but it is prestigious — in part because it comes with job security for life. Most applicants spend years, and a big chunk of their family’s savings, and still fail to make the cut.

“Here there is no enterprise, no companies,” Mr. Kumar said. For any young person, “the question comes, ‘What next? What can I do?’”

The lessons Mr. Modi is taking from China are most apparent in his push for infrastructure development, investing heavily in highways, railways and airports to improve supply chains and connectivity.

India has quintupled its annual spending on roads and railways during Mr. Modi’s nine years in power

As Mr. Modi has boxed in opponents, cowed the press and overwhelmed independent elements of civil society, his government has lashed out at expressions of concern from abroad as evidence of a colonial plot to undermine India or a lack of understanding of India’s “civilizational” approach — both elements that diplomats had long heard in China’s own defensiveness.

All the while, the increasing militancy of his Hindu nationalist supporters, as arms of the state hang back and give perpetrators a free pass, exacerbates India’s religious fault lines and clashes that threaten to disrupt India’s rise.

Even as India tries to align its growing technological and economic capacity to capitalize on the Western tensions with China, it is determined to stick to its neutrality and maintain a balancing act between the United States and Russia. There is also the question of whether the West’s shift from China, the linchpin of the global economy, is a temporary recalibration or a more fundamental one.

“China took advantage of a favorable geopolitical moment to really transform itself by having access to technology, to capital, to markets led by the United States. It took advantage of that to build itself up,” Mr. Saran said. “This could be that moment for India.”

But it starts an ocean away, during the Crimean War, 169 years ago.

Almost as soon as the phrase was coined, its definition was broadened to become shorthand for the British military more generally, particularly its courage in the face of long odds or superior numbers.

“Between the law-abiding elements of society and the criminals that prey upon them,” Mr. Parker said, “stands a thin blue line of defense — your police officer.” The police, in his vision, weren’t just protecting public safety; they were combating the decline of Western civilization, the rise of Communism, the moral laxity of postwar America, the decay of the nuclear family, and so on.

Like other mash-ups of identity flags with the American flag, the thin blue line flag is a rallying point for a marginalized identity, a way to lay claim to the American birthright, a demand for long-denied respect

Mr. Parker’s vision went beyond policing as a profession. In 1965, he told a civil rights commission investigating the Watts riots that “the police of this country, in my opinion, are the most downtrodden, oppressed, dislocated minority in America.” This belief, a half-century later, would animate an identity politics that blurred the blue line.

Blue Lives Matter is not just an expression of support and solidarity for the police, but a response to and rejection of Black Lives Matter. It suggests that it is not Black people whose lives are undervalued by society, but police officers.

Blue Lives Matter is a movement that belies the simplicity of its name: It can certainly mean that the police deserve respect for doing a critical and dangerous job. But it can also mean that overzealous racial politics have inverted the criminal justice system, punishing the peacekeepers, coddling the criminals and turning those who carry a badge into the most embattled and victimized group in the nation. Blue Lives Matter transformed policing into a tribal affiliation.

As the L.G.B.T. American flag does, it exploits a visual pun, but much less playfully: The blue line divides America against itself.

The thin blue line would become the dominant metaphor for the police. In 1981, President Ronald Reagan said the thin blue line held back “a jungle which threatens to reclaim this clearing we call civilization”; in 1993, President Bill Clinton called it “nothing less than our buffer against chaos, against the worst impulses of this society.”

This blossoming identity was an opportunity for any politician bold enough to take it. While trust in the police was dropping among Black and Hispanic Americans, it actually was rising for white Americans

Donald Trump was particularly well suited to take advantage of the rise of policing as identity politics. His entrance onto the political scene in the 1980s was his call for the reinstatement of the death penalty and less oversight of police.

The Trump campaign cast the Democrats as enemies of law and order who sought to incubate riots in American cities and chaos at the border.

Mr. Trump claimed that while the Democratic ticket stood with “rioters and vandals,” he stood with “the heroes of law enforcement.”

After Mr. Trump’s prophecy came true and the soft coup of representative democracy denied him a second term, when his supporters rallied for one last stand on the grassy field in front of the Capitol, it was inevitable that they would see themselves as bearing the mantle of law and order, a thin blue line smashing through a thin blue line.

In the aftermath of Jan. 6, when the nation saw that flag held aloft by the rioters who attacked the Metropolitan Police officer Michael Fanone (he says they literally beat him with it), the thin blue line flag has become increasingly controversial among police officers. In 2023, the Los Angeles Police Department banned its public display on the job. In an email explaining his decision to his officers, Chief Michel Moore lamented that “extremist groups” had “hijacked” the flag.

“The Lebanese war taught me early about the ugliness of tribalism and religious dogma,” Saad wrote. “It likely informed my subsequent disdain for identity politics, as I grew up in an ecosystem where the group to which you belonged mattered more than your individuality.” 

Musk has said his concerns about Woke Mind Virus, his way of labeling progressive liberal beliefs that he says are overly politically correct and stifling to public debate and free speech, helped fuel his desire to acquire the social-media company Twitter turned X in late 2022. It is on that platform where Musk, 52 years old, has aired many of his concerns.

For his part, Musk says his politics are “fairly moderate”—what he describes as his supporting safe cities, secure borders, a neutral judiciary and sensible spending. And, he adds, what he calls being “pro environment.”

Still, Musk is prone to painting risks at their most extreme and gravitating to others with similar world views. 

“For many years now, I have warned that the path that the West is taking will result in civil war. It might take 5 years, 50 years, or 100 years but it is inevitable,” Saad tweeted on the day of Tesla’s quarterly earnings call last month. 

Before joining that call, Musk was on X, agreeing with Saad in a thread of responses. “War will come whether we want it or not,” Musk posted. 

The alarm is growing louder, but the German public remains unconvinced that the security of Germany and Europe has been fundamentally threatened by a newly aggressive Russia.

Mr. Pistorius’s status as one of the country’s most popular politicians has given him a freedom to speak that others — including his boss, Chancellor Olaf Scholz — do not enjoy.

The prospect of a re-elected Mr. Trump has German officials and many of their fellow NATO counterparts informally discussing whether the nearly 75-year-old alliance structure they are planning to celebrate in Washington this year can survive without the United States at its center. Many German officials say that Mr. Putin’s best strategic hope is NATO’s fracture.

Only a year ago NATO was celebrating a new sense of purpose and a new unity, and many were confidently predicting Mr. Putin was on the run.

now, with an undependable America, an aggressive Russia and a striving China, as well as a seemingly stalemated war in Ukraine and a deeply unpopular conflict in Gaza, German officials are beginning to talk about the emergence of a new, complicated and troubling world, with severe consequences for European and trans-Atlantic security.

some of Mr. Pistorius’s colleagues are warning that if American funding dries up and Russia prevails, its next target will be closer to Berlin.

“If Ukraine were forced to surrender, that would not satisfy Russia’s hunger for power,” the chief of Germany’s intelligence service, Bruno Kahl, said last week. “If the West does not demonstrate a clear readiness to defend, Putin will have no reason not to attack NATO anymore.”

In the decades since the Soviet Union collapsed, most Germans have grown accustomed to the notions that the country’s security would be assured if it worked with Russia, not against it, and that China is a necessary partner with a critical market for German automobiles and equipment.

Mr. Scholz, a Social Democrat whose party traditionally sought decent ties with Moscow, seems reluctant to discuss the far more confrontational future with Russia or China that German defense and intelligence chiefs describe so vividly.

few politicians will take on the subject in public. Mr. Scholz is especially careful, tending to Germany’s relationship with the United States and wary of pushing Russia and its unpredictable president too hard.

Mr. Scholz has moved with great caution. He has opposed — along with Mr. Biden — setting a timetable for Ukraine’s eventual entry into the alliance

The most vivid example of his caution is his continued refusal to provide Ukraine a long-range, air-launched cruise missile called the Taurus.

The Taurus has a range of more than 300 miles, meaning Ukraine could use it to strike deep into Russia. And Mr. Scholz is not willing to take that chance — nor is the country’s Bundestag, which voted against a resolution calling for the transfer. While the decision seems to fit German opinion, Mr. Scholz wants to avoid the subject.

Polls show that Germans want to see a more capable German military. But only 38 percent of those surveyed said they wanted their country to be more involved in international crises, the lowest figure since that question began to be asked in 2017, according to the Körber Foundation, which conducted the survey. Of that group, 76 percent said the engagement should be primarily diplomatic, and 71 percent were against a military leadership role for Germany in Europe.

German military officials recently set off a small outcry when they suggested that the country must be “kriegstüchtig,” which roughly translates to the ability to fight and win a war.

Norbert Röttgen, an opposition legislator and a foreign policy expert with the Christian Democrats, said the term was regarded as “rhetorical overreach” and quickly dropped.

“Scholz has always said that ‘Ukraine must not lose but Russia must not win,’ which indicated that he’s always thought of an impasse that would lead to a diplomatic process,” Mr. Röttgen said. “He thinks of Russia as more important than all the countries between us and them, and he lacks a European sense and of his possible role as a European leader.”

Mr. Scholz clearly feels most comfortable relying heavily on Washington, and senior German officials say he especially mistrusts Emmanuel Macron, the president of France, who has argued for European “strategic autonomy.” Mr. Macron has found few followers on the continent.

Even Mr. Scholz’s main European defense initiative, a coordinated ground-based air defense against ballistic missiles known as Sky Shield, depends on a mix of American, American-Israeli and German missile systems.

Mr. Scholz’s ambitions are also hamstrung by his increasingly weak economy. It shrank 0.3 percent last year, and roughly the same is expected in 2024. The cost of the Ukraine war and China’s economic problems — which have hit the auto and manufacturing sectors hardest — have exacerbated the problem.

While Mr. Scholz acknowledges that the world has changed, “he is not saying that we must change with it,” said Ulrich Speck, a German analyst.

“He is saying that the world has changed and that we will protect you,”

Germans, and even the Social Democrats, “have come to the realization that Germany lives in the real world and that hard power matters,”

“At the same time,” he said, “there’s still this hope that this is all just a bad dream, and Germans will wake up and be back in the old world.”

The dourness of the mood contrasted sharply with just a year ago, when many of the same participants — intelligence chiefs and diplomats, oligarchs and analysts — thought Russia might be on the verge of strategic defeat in Ukraine. There was talk of how many months it might take to drive the Russians back to the borders that existed before their invasion on Feb. 24, 2022. Now that optimism appeared premature at best, faintly delusional at worst.

Nikolai Denkov, the prime minister of Bulgaria, argued that Europeans should draw three lessons from the cascade of troubles. The war in Ukraine was not just about gray zones between Europe and Russia, he argued, but “whether the democratic world we value can be beaten, and this is now well understood in Europe.”

“European defense was a possibility before, but now it’s a necessity,” said Claudio Graziano, a retired general from Italy and former chairman of the European Union Military Committee. But saying the right words is not the same as doing what they demand.

third, they needed to separate Ukraine’s urgent needs for ammunition and air defense from longer-term strategic goals.

Some attendees found the commitments made by the leaders who showed up uninspiring, said Nathalie Tocci, director of Italy’s Institute of International Affairs. “Kamala Harris empty, Scholz mushy, Zelensky tired,

Second, European nations have realized that they must combine their forces in military, not just economic endeavors, to build up their own deterrence

“I feel underwhelmed and somewhat disappointed” by the debate here, said Steven E. Sokol, president of the American Council on Germany. “There was a lack of urgency and a lack of clarity about the path forward, and I did not see a strong show of European solidarity.

now two-thirds of the alliance members have met the goal of spending 2 percent of their gross domestic product on defense — up from just a handful of nations 10 years ago. But a few acknowledged that goal is now badly outdated, and they talked immediately about the political barriers to spending more.

the prospect of less American commitment to NATO, as the United States turned to other challenges from China or in the Middle East, was concentrating minds.

the fundamental disconnect was still on display: When Europeans thought Russia would integrate into European institutions, they stopped planning and spending for the possibility they might be wrong. And when Russia’s attitude changed, they underreacted.

“This is 30 years of underinvestment coming home,” said François Heisbourg, a French defense analyst, who called them “les trente paresseuses” — the 30 lazy years of post Cold-War peace dividends, in contrast to the 30 glorious years that followed World War II.

What was important for Europeans to remember was that this hot war in Ukraine was close and could spread quickly, Ms. Kallas said. “So if you think that you are far away, you’re not far away. It can go very, very fast.”

Dmytro Kuleba, the foreign minister of embattled Ukraine, was blunter. “I think our friends and partners were too late in waking up their own defense industries,” he said. “And we will pay with our lives throughout 2024 to give your defense industries time to ramp up production.”

“What Putin wants is to transform the world order” that evolved since World War II and the post-Cold War — where “the competition between nations was about who can be richer and who can help their people prosper the most . … Putin hates that world because he loses in that world — his system is a loser in a peaceful, global, wealth-enhancing paradigm. And so what he wants is to move us back to dog-eat-dog, to a 19th-century, great power competition, because he thinks he can, if not win, be more effective there. … Let’s not think that this is a Ukrainian problem; this is a problem for us all.”

These wars very much are our business — and now clearly inescapable, since we’re deeply entwined in both conflicts. What’s crucial to keep in mind about America — as the leader of the Inclusion Network — is that right now we’re fighting the war in Ukraine on our terms, but we’re fighting the war in the Middle East on Iran’s terms.

CNN recently described, per a source familiar with it, a declassified U.S. intelligence assessment provided to Congress saying that Russia had lost 87 percent of its preinvasion active-duty ground troops and two-thirds of its tanks that it had prior to its invasion of Ukraine. Putin can still inflict a lot of damage on Ukraine with missiles, but his dream of occupying the whole country and using it as a launching pad to threaten the Inclusion Network — particularly the NATO-protected European Union — is now out of reach. Thank you, Kyiv.

At a breakfast with NATO leaders devoted to the Ukraine issue at Davos this year, Canada’s deputy prime minister, Chrystia Freeland, noted that it is we, the West, who should be thanking the Ukrainians, not forcing them to beg us for more weapons.

China under President Xi Jinping straddles the two networks, along with much of what’s come to be called the global south. Their hearts, and often pocketbooks, are with the Resistors but their heads are with the Includers

the Resistance Network “is orchestrated by Iran, Islamists and jihadists” in a process they refer to as the “unity of battlefields.” This network, he noted, “seeks to bridge militias, rejectionists, religious sects and sectarian leaders,” creating an anti-Israel, anti-American, anti-Western axis that can simultaneously pressure Israel in Gaza, in the West Bank and on the Lebanon border — as well as America in the Red Sea, in Syria and in Iraq and Saudi Arabia from all directions.

In stark contrast, Koteich said, stands the Inclusion Network, one that’s focused on “weaving together” global and regional markets instead of battlefronts, business conferences, news organizations, elites, hedge funds, tech incubators and major trade routes. This inclusion network, he added, “transcends traditional boundaries, creating a web of economic and technological interdependence that has the potential to redefine power structures and create new paradigms of regional stability.”

things are different in the Middle East. There, it is Iran that is sitting back comfortably — indirectly at war with Israel and America, and sometimes Saudi Arabia, by fighting through Tehran’s proxies: Hamas in Gaza, the Houthis in Yemen, Hezbollah in Lebanon and Syria, and Shiite militias in Iraq.

Iran is reaping all the benefits and paying virtually no cost for the work of its proxies, and the U.S., Israel and their tacit Arab allies have not yet manifested the will or the way to pressure Iran back — without getting into a hot war, which they all want to avoid.

The members of the Resistance Network are great at tearing down and breaking stuff, but, unlike the Inclusion Network, they have shown no capacity to build any government or society to which anyone would want to emigrate, let alone emulate

For all of these reasons, this is a moment of great peril as well as great opportunity — especially for Israel. The competition between the Resistance Network and the Inclusion Network means that the region has never been more hostile or more hospitable to accepting a Jewish state.

A glimmer of hope for Biden emerged toward the end of the survey: “If Donald Trump is found guilty and convicted this year of a felony — with Donald Trump as the Republican candidate and Joe Biden as the Democratic candidate — for whom would you vote?”In this hypothetical circumstance, Biden pulls ahead of Trump, 45-43.

when asked, “How willing would you be to vote for Donald Trump if he is convicted of a crime?” 53 percent of registered voters surveyed said they would be “unwilling” to do so; 46 percent said “very unwilling”; and 7 percent said “somewhat unwilling.”

Bloomberg-Morning Consult asked respondents whether they would be unwilling to vote for Trump if he were “sentenced to prison”: 55 percent said unwilling, 48 percent very unwilling and 7 percent said somewhat unwilling.

YouGov found that 45 percent of respondents were either unaware of or uncertain that Trump had “been charged with falsifying business records to conceal hush money payments to Stormy Daniels, a porn star” and that Trump “had been found liable for sexually assaulting and defaming writer E. Jean Carroll.”

The most recent NBC News poll, conducted at the end of January, has Trump favored over Biden by a substantial 47 percent to 42 percent.

In the RealClearPolitics compilation of polls that add Robert Kennedy Jr., Cornel West and Jill Stein to the mix, Trump’s lead over Biden more than doubles, to 4.8 points, 41.6 to 36.8 percent. Kennedy gets 13 percent, and West and Stein each get 2.1 percent.

Along with the threat posed by third-party candidates, two major crises — immigration and the Israeli assault on Hamas in Gaza — have become significant liabilities for the Biden campaign.

The Dec. 10-14 New York Times/Siena poll found that young voters, aged 18 to 29, favored Trump over Biden 49-43. These voters said they trusted Trump over Biden “to do a better job on the Israeli-Palestinian conflict” 49-30. In the 2020 election, Biden beat Trump among 18-to-29-year-old voters by 24 points, 60-36, according to exit polls, by far his biggest margin in all age groups.

“To win in 2024, Biden will need to convince voters that he is still the proud moderate they voted for in 2020,” Cowan wrote by email. “He has a lot of evidence on his side, but he still has a lot of convincing to do.”

Biden’s showing “middle- and working-class voters that he understands their values and takes seriously their concerns around crime, immigration and the economy — which, as polling makes clear, are often dramatically different and far more mainstream and centrist than those of college-educated elites who staff much of Washington — is the only way to win.”

While bitterly criticized by many liberals, the Supreme Court decision last year to ban affirmative action in public and private colleges will in fact reduce the salience of an issue that has historically worked to build support for Republicans.

The roots of this phenomenon have been well studied. They include the cultural aggression of elite institutions and the predictable reaction to it, the nationalization of issues abetted by the collapse of local media and the pernicious effects of the antisocial media.

The gerrymandering that once exaggerated a dominant party’s political margin is no longer much of a factor; social clustering and these other factors have often done a more effective job than the political bosses ever did. In many jurisdictions today, one would have to reverse gerrymander, mixing geographies and crossing all kinds of legal boundary lines, to produce a truly competitive electorate.

Our campaign messages, as they had to, mostly centered on specific, new ideas: ethics reforms, access to health insurance, property tax caps, automatic tax refunds and many more, all couched in rhetoric stressing Indianans’ commonality as people, and the need for every part of the state to participate fully in its better future. Boy, is that passé.

Ideas fashioned not to stroke the erogenous zones of a riled-up minority of left or right, but to speak to the broader public in pursuit of a general election victory, evoke our common interest instead of our differences and antagonisms. But such campaigns rarely make sense these days.

Political campaigns need not necessarily be dispiriting, narrowcasting mudfests. They can be vehicles, in fact the best possible vehicles, for floating constructive ideas to an attentive public. Ideas proposed by a successful campaign have a higher likelihood of enactment after the election

Once in office, to make effective change, we had to engage with our Democratic counterparts, even in the years when we achieved full but narrow legislative control.

In 2024, 30 states feature not only trifecta government but 2-to-1 majorities in at least one house. In that setting, both campaigns and governance look totally different than they do in genuine two-party polities.

This year, our next governor ran a smart race and won his victory fair and square. The problem is that neither he, nor any of his competitors, had an incentive to offer their soon-to-be employers a sense of how Indiana could move forward.

What voters saw instead, besides attacks on each other, were political advertisements centered on “standing up to China,” taking on foreign drug cartels and closing the Mexican border. It became difficult to tell whether these folks were running for secretary of state or secretary of homeland security.

Wise policy and good government can and do emerge in lopsided states. But competition, always and everywhere, fosters innovation. In politics, it also compels a sensitivity and an outreach to the widest possible audiences.

The contours of the current system don’t conduce to those outcomes; until that changes, we have to hope for candidates who, elected by 5 percent of the state, somehow come to consider their duty of service to all the rest.

In fact, the news from Wall Street lately has mostly been about retreat from climate goals, rather than recommitment. Banks and asset managers are withdrawing from international climate alliances and chafing at their rules. Regional banks are stepping up lending to fossil fuel producers. Sustainable investment funds have sustained crippling outflows, and many have collapsed.

In some cases, it’s a classic prisoner’s dilemma: If firms collectively shift to cleaner energy, a cooler climate benefits everyone more in the future

in the short term, each firm has an individual incentive to cash in on fossil fuels, making the transition much harder to achieve.

when it comes to avoiding climate damage to their own operations, the financial industry is genuinely struggling to comprehend what a warming future will mean.

A global compact of financial institutions made commitments worth $130 trillion to try to bring down emissions, confident that governments would create a regulatory and financial infrastructure to make those investments profitable. And in 2022, the Inflation Reduction Act passed.

What about the risk that climate change poses to the financial industry’s own investments, through more powerful hurricanes, heat waves that knock out power grids, wildfires that wipe out towns?

“If we think about what is going to be the best way to tilt your portfolios in the direction to benefit, it’s really difficult to do,”

“These will probably be great investments over 20 years, but when we’re judged over one to three years, it’s a little more challenging for us.”

Some firms cater to institutional clients, like public employee pension funds, that want combating climate change to be part of their investment strategy and are willing to take a short-term hit. But they aren’t a majority

And over the past couple of years, many banks and asset managers have shrunk from anything with a climate label for fear of losing business from states that frown on such concerns.

On top of that, the war in Ukraine scrambled the financial case for backing a rapid energy transition. Artificial intelligence and the movement toward greater electrification are adding demand for power, and renewables haven’t kept up

All of that is about the relative appeal of investments that would slow climate change

If you bought some of the largest solar-energy exchange-traded funds in early 2023, you would have lost about 20 percent of your money, while the rest of the stock market soared.

There is evidence that banks and investors price in some physical risk, but also that much of it still lurks, unheeded.

“I’m very, very worried about this, because insurance markets are this opaque weak link,” Dr. Sastry said. “There are parallels to some of the complex linkages that happened in 2008, where there is a weak and unregulated market that spills over to the banking system.”

Regulators worry that failing to understand those ripple effects could not just put a single bank in trouble but even become a contagion that would undermine the financial system.

But while the European Central Bank has made climate risk a consideration in its policy and oversight, the Federal Reserve has resisted taking a more active role, despite indications that extreme weather is feeding inflation and that high interest rates are slowing the transition to clean energy.

“The argument has been, ‘Unless we can convincingly show it’s part of our mandate, Congress should deal with it, it’s none of our business,’”

a much nearer-term uncertainty looms: the outcome of the U.S. election, which could determine whether further action is taken to address climate concerns or existing efforts are rolled back. An aggressive climate strategy might not fare as well during a second Trump administration, so it may seem wise to wait and see how it shakes out.

big companies are hesitating on climate-sensitive investments as November approaches, but says that “two things are misguided and quite dangerous about that hypothesis.”

One: States like California are establishing stricter rules for carbon-related financial disclosures and may step it up further if Republicans win

And two: Europe is phasing in a “carbon border adjustment mechanism,” which will punish polluting companies that want to do business there.

at the moment, even European financial institutions feel pressure from the United States, which — while providing some of the most generous subsidies so far for renewable-energy investment — has not imposed a price on carbon.

The global insurance company Allianz has set out a plan to align its investments in a way that would prevent warming above 1.5 degrees Celsius by the end of the century, if everyone else did the same. But it’s difficult to steer a portfolio to climate-friendly assets while other funds take on polluting companies and reap short-term profits for impatient clients.

“This is the main challenge for an asset manager, to really bring the customer along,” said Markus Zimmer, an Allianz economist. Asset managers don’t have sufficient tools on their own to move money out of polluting investments and into clean ones, if they want to stay in business,

“Of course it helps if the financial industry is somehow ambitious, but you cannot really substitute the lack of actions by policymakers,”

According to new research, the benefit is greater when decarbonization occurs faster, because the risks of extreme damage mount as time goes on. But without a uniform set of rules, someone is bound to scoop up the immediate profits, disadvantaging those that don’t — and the longer-term outcome is adverse for all.

In their place, Trump’s stump speech has become dominated by grievances about the wrongs he believes have been done to him and his promises to get even for them. It doesn’t quite create the festive atmosphere of eight years ago, when many attendees were clearly having a great time. Where the new, more prosaic feeling lacks the uplift of the past, though, it has still managed to generate enough enthusiasm

The lack of catchy slogans might not matter if they were just slogans. But in 2016, they were a symbol of Trump’s willingness to talk about things that other candidates, including other Republicans, shied away from.

Regarding the war in Gaza, he has criticized Israeli Prime Minister Benjamin Netanyahu and called for the conflict to end quickly—but on Israel’s terms.

He had several such policy positions, including breaking with the bipartisan consensus on free trade, pledging to protect Social Security and Medicare, and claiming to have opposed the Iraq War from the start.

The focus on the wall also showed that he was willing to deploy (putatively) “commonsense” ideas that other politicians weren’t. This helped Trump to appeal not just to Republicans but to disaffected voters of all stripes

Where Trump once trumpeted his appointment of justices who overturned Roe v. Wade, he is now fumblingly trying to formulate a position on abortion that doesn’t alienate either his base or swing voters, mostly relying on ambiguity

Trump is emphasizing fewer big transformational ideas compared with 2016. His promises are a scattershot collection of ideas targeted at particular segments of the electorate: ending taxes on salary earned from tips, defending TikTok (a platform he once tried to ban), declassifying files on John F. Kennedy’s assassination, rolling back fossil-fuel regulations. Although he promises to clamp down on the border and deport undocumented immigrants, you won’t catch a “Round ’em up” chant at his rallies. And Project 2025, his allies’ proposal to overhaul the federal government by massively expanding political patronage, doesn’t lend itself to a bumper sticker.

Trump allots a great deal of his stump speech to mocking Biden as incoherent and senile (sometimes awkwardly) while also warning that Biden’s administration has made the United States a failed nation, and that his reelection could be fatal to the country. The disconnect between the images of Biden as doddering fool and as evil schemer is one that Republicans have struggled to reconcile but that Trump has concluded doesn’t need resolving.

Grievance is not a new note at Trump rallies, but four and eight years ago, he used to talk about other people’s grievances and promise to redress them. Now the grievances are largely his own

One big problem for Clinton was the criticism that she had no compelling goal for her candidacy other than that she wanted to be president. Trump’s campaign now is about nothing so much as his desire to be president.

Even Project 2025 is about the accumulation of executive power itself, rather than any particular policy goal

The Israeli military relies on reservist soldiers, some of whom have described growing exhaustion as Israel manages conflicts for months on end on multiple fronts, including the border with Lebanon and in the West Bank. An end to fighting in Gaza would give Israeli forces a respite that analysts say is needed, especially if fighting with Hezbollah escalates further.

Israel Ziv, a retired Israeli general and veteran of multiple wars, said tensions between the Israeli military and security establishment and Netanyahu are at a record high.“The IDF feels and the security echelon feels that we exhausted the purpose of the war. We reached the maximum tactical peak that we can achieve,” he said. “As long as Rafah was there, they could say finish the job. OK it’s finished now.”

Netanyahu has rejected a series of proposals for possible alternatives to Hamas, including an American plan to bring in the Palestinian Authority and Arab calls for a Palestinian unity government that would include Hamas. Some military analysts and former Israeli officials have questioned whether installing a new government in Gaza was ever possible, given that Hamas has managed to survive the Israeli military assault.

“We need to make a decision,” said Ziv. “Even a bad decision, that’s OK. Let’s say [we] occupy Gaza in the next few years because we need to clear up the last few terrorists. OK, it’s a bad decision, but it’s a decision. The military needs to know.”

The dispute between Netanyahu and the military centers in part on how officials define a defeat of Hamas. An Israeli military official said the army considers a battalion “dismantled” not when all its fighters are killed, but when its command structure and ability to carry out organized attacks are eliminated. 

Military analysts say that Hamas’s militia forces are likely to survive the Israeli military operation even in Rafah, in part because the Israeli army’s approach leaves many lower-ranking Hamas fighters in place. Hamas’s top leadership in the enclave, including its leader, Yahya Sinwar, have also eluded Israeli forces throughout the war.

“Hamas is preserving its forces in Rafah rather than engaging the Israel Defense Forces, likely because Hamas does not believe Israel’s Rafah operation will be decisive,” said an assessment this week from the Institute for the Study of War and the American Enterprise Institute’s Critical Threats Project.