The changing global order in the post globalization era has seen alliances being both built and broken. The latest development is the merging of parts of the Quad (India, Japan, US, Australia) with AUKUS (Australia, UK, US) to counter China’s influence. With India’s credibility waning and Japan’s resurgence, there is talk of Japan joining AUKUS. However, with AUKUS initially set up to provide submarines to Australia, Japan might want to reconsider.
A common factor that Japan shares with the AUKUS countries is their love for golf. There are close to 40,000 golf courses worldwide, with the US leading with 16,750 courses, followed by Japan, UK, Canada, and Australia. Golf can be seen as a marker of Anglo-Saxon and bourgeois roots, as well as a symbol of speculation and excess. The booming membership fees for luxury golf clubs in Florida reflect a strong local economy and a robust wealth effect in the US, potentially indicating a peak in wealth.
Japan’s stock market and property sector are currently reaching levels last seen in the early 1990s. In the late 1980s and early 1990s, Japan was seen as a rising power, with a significant increase in golf club membership fees during that time. The tradeable asset of Japanese golf club memberships led to a sharp increase in prices, with some memberships changing hands for millions of dollars. However, this trend eventually came to an end, reflecting the economic changes in Japan.
In recent years, golf has been influenced by Saudi Arabia’s extravagant display of capitalism, with distorted prize money and appearance fees. Despite bidding up golf prize money, Saudi Arabia has scaled back on futuristic city projects like NEOM and The Line. This trend suggests that in certain parts of the world, the wealth effect is becoming disorderly, leading to uncertainties in the economic landscape.
The evolving geopolitical landscape and economic trends highlight the interconnected nature of global affairs. Golf, as a shared interest among countries like Japan, US, UK, and Australia, provides a new perspective on analyzing alliances and economic developments. As countries navigate the changing world order and economic uncertainties, the role of common interests and markers like golf could offer insights into future collaborations and challenges.
