The Russia-Ukraine war has opened up questions about America’s role in global affairs and how the balance of power will reshuffle. These questions aren’t new; the discussion of the end of American dominance and the rise of new powers like China has captivated political and economic discourse. It is also the subject of Ray Dalio’s latest book, “Principles for Dealing With the Changing World Order.”

In this conversation, Kara Swisher asks Dalio, the billionaire behind the world’s largest hedge fund, Bridgewater, to explain his theory behind the rise and decline of empires. They talk about China’s rise and whether he is — as one Wall Street Journal article dubbed him — “in thrall to Beijing.” And they discuss how American competitiveness will shake out as the nation faces potential stagflation in addition to polarization, inequality and a new, Gen Z approach to work.

You can find transcripts (posted midday) and more information for all episodes at nytimes.com/sway, and you can find Kara on Twitter @karaswisher.