The Bahamas represents how global capitalism can go very right, and very wrong, at exactly the same time. On Jan. 3, as Sam Bankman-Fried pleaded not guilty in New York on charges stemming from the collapse of one of the world’s largest cryptocurrency exchanges, the FTX debacle became, once again, a U.S. story. The Bahamian backdrop to the last days of FTX has faded into the background. But the torrid affair between what was once touted as the leading edge of financial technology, or fintech, and the Bahamas—a nation of 400,000 people, spread over some 700 islands, 50 miles or so offshore of Florida—is not merely incidental. It highlights the way in which the wider Caribbean region has repeatedly functioned as a Frankenstein laboratory of global capitalism. The Caribbean was the first region of the world to feel the full force of Western conquest and plantation slavery. In the 17th and 18th centuries, the Bahamas was a legendary base for piracy and smuggling. The 20th century brought the rise of American power and the struggles

At a time of global conflict, world powers showed that cooperation can actually work. Ahead of time, the script for the G-20 summit in Bali, Indonesia, seemed to write itself. A grouping conceived in the heyday of globalization was meeting in person for the first time under the shadow of the new Cold War. China and Russia would clash with the United States and its allies. Ukraine would hog center stage. Indonesia made no secret of the fact that it feared that the interests of the rest of the world—sometimes dubbed the new nonalignment—would take second place. There were moments in Bali that did conform to this script. Russian President Vladimir Putin declined to attend. Russia was at first represented by Foreign Minister Sergey Lavrov, who gave pugnacious press conferences in which he denounced Ukrainian fascists and brandished conspiracy theories about U.S. biolabs. Then Lavrov departed and Russia’s representation was reduced to the finance minister, effectively the junior tier of the G-20. When the missiles landed in Poland, the Indonesian president was obliged to delay