As the Ukraine War grinds on with no clear exit policy, more and more pressure will be brought to bear on leaders in the West to do something about the economic problems confronting the average citizen. Many of these problems have to do with our far flung supply chains which depend on a peaceful world to keep trad humming.
Some economists worry that the globalization of trade which has made possible the rise in living standards in many poor countries will cease if we pull back to a system where each nation eschews trade for a go it alone stance. This sort of nationalism will fail in the long run, although demagogues will attempt to make it attractive here and now.
Putin may have started the deglobalization of trade, but the US must exert leadership to prevent trade from becoming a political wedge issue.
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