Ray Dalio founded Bridgewater Associates, LP, one of the world’s largest investment managers, in 1975. He has written a number of books, including the best seller “Principles” which outlines his life and work principles and is a foundation of Bridgewater’s success.

The Changing World Order was published in March 2020. It outlines in detail reasons for the rise and fall of empires. Online excerpts can be read here, a Kindle version is available here, unfortunately the hard cover version is out of stock.

In brief, he convincingly argues that the cycle below is common to the rise and fall of all empires.




He argues that the US is at Stage 5 – Printing Money and Credit. Recent events suggest that stage 6 is just around the corner. China is at Stage 2 – Debt Bubble and moving to Stage 3.

At the very least read the excerpts, fascinating and informative stuff.