In this remarkable and contemporary addition to his Principles series, Dalio takes readers on his study of the great empires, including the Dutch, British, and American, and sheds light on the "big cycle" that has determined the successes and failures of all major countries throughout history.

A few years ago, Ray Dalio began to notice troubling political and economic developments that he had never encountered in his 50-year career. In search of an explanation, he discovered that such combinations of conditions are characteristic of transitional periods, during which wealth and power shifted in ways that reshaped the world order.

This book analyzes the most turbulent economic and political phases in history to show why the times ahead will differ radically from those we have experienced so far.