Global Wealth and Power Are Pivoting to the East

History’s wheel is turning. China builds, India rises, BRICS surpasses the G7—while America punishes allies and empowers its Enemies.

In the West, the year 1492 is remembered for two episodes: Columbus’s arrival in the Americas and the fall of Granada, last stronghold of Moorish Spain. But its larger consequence was geopolitical: the compass needle swung westward, ushering in a centuries long reversal in global fortunes.

Wealth that once streamed toward Asia turned into rivers feeding Europe’s a...