This is a first episode of a new series on geopolitical economy by Dr Michael Hudson and professor Radhika Desai. This episode explores the geopolitical economy of the new world stage, namely a rising China and Russia alliance and a decline in US economic power which together are leading us to a world that is multipolar. We are not just returning to the bipolarity of the cold war, or the capitalist multipolarity we saw in world war one where imperialist powers divided the world amongst themselves. We are speeding towards a world where the strongest economic player is a country led by a communist party, where economic relations with the rest of the world are based on win-win deals and total sovereignty for all parties involved.