It is becoming increasingly clear that the world is on the cusp of an extraordinary period of growth and prosperity. While it may not seem so with war in Ukraine, Gaza and Houthi rebels fighting a proxy war on behalf of Iran in the Red Sea, the seeds of a transformative era have been sown. Now, in the early months of 2024, we are witnessing the emergence of what will undoubtedly be remembered as the new Roaring 20s.

This is marked by a high volume of elections around the world, with a significant percentage of global GDP and world population participating in the democratic process. While some countries are having bigger elections, like the United States, others are holding smaller, regional elections. However, an often overlooked trend is emerging, which is quite bullish for America and other developed nations: gridlock among politicians.

In the United States, gridlock occurs when one Chamber of Congress can offset the opposition party in another Chamber of Congress or the White House. This gridlock results in low levels of legislation being passed and signed by the president. Overseas, parliamentary systems with multiple parties can also experience a different form of gridlock, where no single party or group of parties with common ideologies can secure enough votes to form a majority government. This leads to the formation of coalitions between parties with opposing ideologies, resulting in governments that are essentially parliamentary forms of gridlock.

Markets favor this gridlock because capitalism thrives when rules are stable, allowing businesses to plan and innovate without the uncertainty of constantly changing regulations. As gridlock builds in countries around the world, with a few exceptions, it creates a stable environment that encourages growth and progress.

The driving force behind this global renaissance is the unprecedented pace of technological advancement. The convergence of artificial intelligence, quantum computing, biotechnology, and advanced robotics is poised to unlock productivity gains that were once the stuff of science fiction. Companies that embrace innovation and harness the power of technology will be the winners in this new era of growth.

The Roaring 20s are not just about technology; they are also about the triumph of free markets and free people. History has shown that when individuals are given the freedom to pursue their dreams and ambitions, they create wealth for themselves and society as a whole. This is the essence of the free market system, and it is the foundation upon which the Roaring 20s will be built.

Already, we are seeing the fruits of this philosophy in action. The United States economy is surging, while in the Middle East, a new generation of entrepreneurs is harnessing the power of technology to build thriving businesses. In Tokyo, Japanese companies are leading the way in robotics and automation, and in India, a burgeoning middle class is driving demand for consumer goods and services. Germany’s resurgent manufacturing sector is poised to lead the European economy into a new era of growth.

As we look ahead to the end of the decade, I am confident that the Roaring 20s will have lived up to their name. By December 31, 2029, I predict that the Dow Jones Industrial Average will have soared past 60,000, the Middle East’s major stock markets will have doubled in value, the Nikkei 225 will have surged past 82,000, the Shanghai composite will be over 7,000 and the DAX
will have risen to over 31,000.

While the future is always uncertain, the fundamentals are in place for a sustained period of global growth and prosperity, provided that voters make wise choices in the crucial elections of 2024 and beyond. Those who embrace the power of technology, champion personal freedoms, and promote free markets and international trade will be the ones who reap the rewards in the decade ahead. The Roaring 20s are here, and they are just getting started.

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