Studying last month’s Davos meeting of the world’s (largely self-appointed) elites, Walter Russell Mead sees an inflection point.

He says that when they listened to Argentinian President Milei promoting free market capitalism, the Davosies’ applause was more than polite clapping. There was a sense that all was not well in the supposed government-planned China, and a recognition that the more hands-on EU governmental approach has resulted in Europe slipping behind the US with its lighter government touch over the economy.