With you on "institutions are not failing as such".
As for biggest challenges: You _massively_ underestimate climate change, and the way it is entangled with everything else. There have always been authoritarian nations. The so called free world does not seem notably more corrupt than it was 50 years ago, it is in many ways freer than it has ever been (see the annoyance and backlash of those that don't think the freedom should extend to such things as chosing your gender), and it's economic power remains unmatched for now.
But: We already live in a changed climate. This means we no longer speculate about the damages climate change will do, we can measure them in macroeconomic data already [1]. This was a huge surprise to ke. I would have expected economic systems to be much more resilient to the warming already seen.
We are facing a situation where the world's poorest are experiencing reduced growth (meaning not fewer corporate profits, but people fleeing hunger and destitution), while we are all dealing with a massively increased number of extreme events (which _will_ stress institutions not adapted to the new normal, possibly to the breaking point), while we also have to transform or economic systems towards carbon neutrality to prevent even more catastrophic impacts.
This is fertile ground for authoritarians, democratic backsliding, loss of liberties and institutional failure.
As for biggest challenges: You _massively_ underestimate climate change, and the way it is entangled with everything else. There have always been authoritarian nations. The so called free world does not seem notably more corrupt than it was 50 years ago, it is in many ways freer than it has ever been (see the annoyance and backlash of those that don't think the freedom should extend to such things as chosing your gender), and it's economic power remains unmatched for now.
But: We already live in a changed climate. This means we no longer speculate about the damages climate change will do, we can measure them in macroeconomic data already [1]. This was a huge surprise to ke. I would have expected economic systems to be much more resilient to the warming already seen.
We are facing a situation where the world's poorest are experiencing reduced growth (meaning not fewer corporate profits, but people fleeing hunger and destitution), while we are all dealing with a massively increased number of extreme events (which _will_ stress institutions not adapted to the new normal, possibly to the breaking point), while we also have to transform or economic systems towards carbon neutrality to prevent even more catastrophic impacts.
This is fertile ground for authoritarians, democratic backsliding, loss of liberties and institutional failure.
[1] e.g.: https://www.nature.com/articles/s41558-020-00985-5