What’s happening?
lobal trade, and the ideal of globalisation as a motor of economic growth – long cherished by economic liberals – took some hefty blows in 2022. Russia’s invasion of Ukraine in February led to a decline in commodity flows to Europe, but also a reset of expectations. In a world where nationalist politics so obviously trumps economic interests, all bets are off, and businesses need to prioritise “just-in-case” over “just-in-time” production. Nor was it just Ukraine. Lockdowns in China continued to disrupt supply chains (see page 9). And continuing US-China tensions – including America’s strict
