Throughout much of Mark Carney’s career as an economist and central banker, he operated at the intersection of global thinkers and multilateral institutions. Known as the “rockstar banker,” he was a regular presence at international summits, speaking alongside business leaders and political elites about the importance of international cooperation, open economies, and shared rules.
However, after less than a year as Canada’s prime minister, Carney offered a more stark view of the world on Tuesday, stating: “the strong do what they can, and the weak suffer what they must.”
In a broad speech that at times mourned the predictable rules-based order, Carney outlined a doctrine for a world of fractured international norms, warning that “compliance will not buy safety.”
“The old order is not coming back. We should not mourn it,” he said. “Nostalgia is not a strategy.”
Delivered to politicians, media, and business leaders at the World Economic Forum in Davos, Switzerland, the remarks were met with a standing ovation. While not explicitly mentioning Donald Trump, Carney alluded to growing frustration and concern that the White House is eager to dismantle and weaken the “architecture of collective problem-solving” that has defined much of the past eight decades.
“Leaders in other Western capitals have alluded to ‘dangerous departures’ Trump has taken from norms, but they always return to the possibility that he can be appeased or accommodated. Mr. Carney has exposed that as simply inaccurate,” said Jack Cunningham, a professor of international relations at the University of Toronto.
Cunningham noted that leaders are increasingly realizing they will not be able to “manage” Trump for the remainder of his term and are coming to terms with the fact that the international systems the U.S. helped build are crumbling.
“Carney is the first major Western leader to basically acknowledge the reality. A lot of leaders abroad are looking for somebody to set a direction. And this speech is planting a flag,” Cunningham added.
Canada’s prime minister warned that “great powers”—a thinly veiled reference to the U.S.—have begun using economic integration as “weapons,” with “tariffs as leverage, financial infrastructure as coercion, supply chains as vulnerabilities to be exploited.” In recent days, Trump has threatened to impose levies on European nations opposing his bid to take control of Greenland.
But Carney also cautioned against diplomatic and economic retreat, telling attendees that a world of “fortresses” would be poorer and less sustainable.
“The question for middle powers, like Canada, is not whether to adapt to this new reality. We must. The question is whether we adapt by simply building higher walls—or whether we can do something more ambitious,” he said.
Much of Carney’s rapid rise from economist to world leader is rooted in the idea that geographic proximity, close economic integration, and longstanding political alliances with the U.S. no longer guarantee prosperity and security. The speech, written by Carney himself, comes as the two nations prepare for protracted trade negotiations amid Trump’s repeated threats to annex Canada.
“Carney understands that while there’s no need to poke him in the eye, there’s also no need to excessively flatter the president,” said Cunningham. “The prime minister knows that Trump’s commitment and his words are essentially worthless. He can—and often does, go back on them on a whim. And so this is a position we are being forced into by growing American unreliability.”
Carney highlighted his government’s recent trade mission to China, where he sought Chinese investment in Canada’s oil sector and significantly reduced tariffs on Chinese electric vehicles.The shift signaled a break with U.S. policy. As Canada moves toward a more “principled and pragmatic” approach in its international relations, Carney outlined his vision for how his government and other middle-power nations can navigate the turbulent and unpredictable world of global politics.
“Middle powers must act together because if you are not at the table, you are on the menu. Great powers can afford to go it alone. They have the market size, the military capacity, and the leverage to dictate terms,” he said. “Middle powers do not.”
Carney stated he would pursue a policy of “variable geometry,” forming different coalitions for different issues based on shared values and interests. He highlighted the billions spent supporting Ukraine’s defense and reaffirmed Canada’s firm stance with Greenland and Denmark. His government is also working to strengthen trade ties with Asian and European nations.
This flexible, seemingly ad-hoc approach to building alliances stands in stark contrast to the fixed certainties of the post-war international order that Carney has long supported.
However, Bob Rae, Canada’s former ambassador to the United Nations, argued that it is the nations meant to uphold international institutions that have failed in their duties, not the institutions themselves.
“Superpowers—like Russia and the United States—have decided that they’re going to take the law into their own hands,” he said. “The prime minister was clear in his message: You don’t abandon those institutions, and you don’t give up on them. But you do need to recognize that in the real world, they’re very challenged. Too many countries are breaking all the rules and asking everybody else to break those rules.”
Rae, who witnessed the “fickle” and erratic nature of U.S. foreign policy commitments at the UN, described the speech as both “blunt” in its assessments and optimistic in its call to allied nations.
“Mr. Carney is clear: we are not bending to nations that want to break these systems, and we will work tirelessly with other countries that feel the same way,” he said. “We’re much stronger working together in the face of countries that want to break up the global system.”
In a social media post on Tuesday, Trump wrote that he had agreed to a meeting with “various parties” regarding Greenland while at Davos, reiterating his belief that U.S. interest in the island was “imperative for national and world security.”
Carney warned that when nations seek deals with powerful countries, “we negotiate from weakness. We accept what is offered. We compete with each other to be the most accommodating. This is not sovereignty. It is the performance of sovereignty while accepting subordination.”
“We should not allow the rise of hard power to blind us to the fact that the power of legitimacy, integrity, and rules will remain strong—if we choose to wield it together.”
Frequently Asked Questions
FAQs Nostalgia is not a strategy Mark Carney the Trump Era
BeginnerLevel Questions
1 What does Nostalgia is not a strategy mean
This phrase often used by Mark Carney argues that you cant solve todays complex problems by trying to return to an idealized past Its a critique of political or economic policies that promise to restore a bygone era instead of building a new plan for current realities like climate change technological disruption and global instability
2 Who is Mark Carney and why is he in the news
Mark Carney is a CanadianBritish economist who served as Governor of the Bank of England and the Bank of Canada Hes now a UN Special Envoy for Climate Action and Finance Hes in the news for his sharp critiques of populist politics and his advocacy for a modern sustainable global economy positioning him as a key intellectual counterpoint to figures like Donald Trump
3 How is Mark Carney connected to Donald Trump
They are not directly connected but are seen as representing opposing worldviews Carney advocates for evidencebased globally cooperative policies Trumps America First agenda often champions economic nationalism and skepticism of global institutions Carneys commentary is frequently a direct or implied rebuttal to Trumps approach
4 Whats a simple example of nostalgia as a strategy in politics
Promises to bring back specific manufacturing jobs to levels seen decades ago without a realistic plan for the modern automated global economy is a classic example It appeals to nostalgia for a time of perceived economic security but often ignores current technological and market realities
Advanced Practical Questions
5 What are the main policy areas where Carney and Trump clash
Their core clashes are on
Climate Change Carney is a leading voice for financing the green transition Trump has historically downplayed climate risks and promoted fossil fuels
Globalism vs Nationalism Carney supports robust international cooperation Trump prioritizes unilateral deals and national sovereignty
