A new world for investors
Felix Martin
Breakingviews
Globalisation is dead, says Felix Martin. And under its replacement, “securonomics”, national security takes precedence over economic efficiency. To say this “volte-face” matters to investors is a “colossal understatement”. As top US securocrat Jake Sullivan puts it, “unqualified support for free markets is over”. Domestically, “industrial policy is back” (witness the CHIPS Act). Internationally, securing supply chains takes priority over costs and trade agreements will be designed to support foreign and environmental policy. “Friendshoring” will replace