Prime Minister Mark Carney’s address in Davos was polished, ambitious, and deceptively fluent. But it cannot be read in isolation from his remarks in China last week, where he spoke approvingly of a coming “new world order.” Those words are not neutral. They carry a long and troubling history, particularly when invoked in Beijing, where the phrase is often used to justify the erosion of liberal norms in favour of hierarchy, managed markets and political control.