(FINANCIAL TIMES) - Since Russia invaded Ukraine, there has been much talk of the echoes of World War II and the dangers of a third one. But the current global moment is much more like a return of the Cold War.

Once again, the United States is assembling a coalition of democracies to face off against a Russia-China axis. Once again, the dangers of a nuclear war are central to international politics. And once again, there is a large bloc of non-aligned countries - now generally referred to as the "Global South" - that is intensively courted by both sides.