While hegemonic transitions tend to occur over long periods, it seems that the friction between neo-protectionism in strategic sectors and the push for all out liberalization will determine the fundamental axis of the ongoing rivalry between China and the U.S.

As the captains of global capitalism gather in the serene surroundings of Davos, they have a mammoth task to figure out how to maintain liberalism's international relevance in a world fractured by hegemonic conflicts and extreme ideologies