Book excerpt: Humanity faces epoch-making challenges arising from the convergence of demographic, social, economic, ecological and political megatrends, which are additionally superimposed by the fatal COVID-19 pandemic and the new Cold War. Traditional economic thought is not able to cope with them. In the conditions of irreversible globalization, these challenges are met by the original concept of a new pragmatism – a peculiar interface between economic theory and practical economic policy for sustainable development. Grzegorz W. Kolodko, an outstanding economist with a world-wide reputation, a public intellectual, successful politician and a globetrotter who has explored the world – clearly writes what is happening in the economy and why, on its links with society and politics, environment, security, culture and technology. The work devotes due attention to the rise of China and the consequences of its global expansion. The unique interdisciplinary approach to the issues discussed makes this book a fascinating read for all professionals interested in the future of a rapidly changing world.