The West, too, has fallen into the trap of nostalgia, clinging to a late-twentieth-century conception of order in which it makes the rules and can choose whether to follow them. The latest example of this anachronistic perspective is America’s ham-fisted (not to mention failed) attempt to stem support for the China-led Asian Infrastructure Investment Bank, after repeatedly refusing to provide a greater voice for the world’s emerging powers in the Bretton Woods institutions.