In Part 1 I laid out the evidence that ‘for only the third time in the last 224 years, the importance of world trade is diminishing, implying the slowing or even reversal of the rapid globalization under which the majority of my understanding of the world economy was formed.’
This time I want to suggest why it has happened, and why the trends are likely to continue. Part 3 will suggest ways in which the eclipse of global trade expansion is going to overturn the nature of likely winners and losers.
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