I certainly agree with Martin Wolf’s thesis that history is the most powerful guide to the present /Martin Wolf, FT, 27 November 2019/. All three eras of conflict of the past 120 years indeed confirm the old saying: history does not repeat itself, but it often rhymes.
Nevertheless, all three conflicts were between yang powers, by definition meaning that the final outcome had a win/lose pattern.
Presently, we have a strong yang power called the U.S. and an emerging global yin power called new China. It means that, finally, we might have a win/win new pattern: this is the new G2 world that has been unfolding for decades.
Governor Matolcsy, MNB, the Central Bank of Hungary