The Western-led global economic order has had a bad 2023. Surprisingly, the primary cause was not the emergence of an alternative order led by China, as some had anticipated. Instead, it was internal stress that led to more doubts around the world about its effectiveness and legitimacy.

But a new international order is unlikely to emerge anytime soon. Instead, as more and more countries decide to self-insure by building alternatives to the Western-led order, the global economy risks increasing fragmentation, eroding America’s leadership role and accelerating a system-wide shift toward disorder.

To be sure, d...