Governments are jettisoning the principles that made the world rich
Sometimes, in wars and revolutions, fundamental change arrives with a bang. More often, it creeps up on you. That is the way with what we are calling “homeland economics”, a protectionist, high-subsidy, intervention-heavy ideology administered by an ambitious state. Fragile supply chains, growing threats to national security, the energy transition and the cost-of-living crisis have each demanded action by governments—and for good reason.
Globalised trade coped with huge swings in consumer demand: throughput at America’s ports in 2021 was 11% higher than in 2019. In 2022 Germany’s economy repeated the trick, suffering no calamity as it switched rapidly from Russian gas to other sources of energy. By contrast, state-dominated markets like the supply of shells for Ukraine are still struggling.
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