The threat of a great decoupling is a potentially historic break, an interruption perhaps only comparable to the sudden sundering of the first huge wave of globalisation in 1914, when deeply intertwined economies such as Britain and Germany, and later the United States, threw themselves into a barrage of self-destruction and economic nationalism that didn’t stop for 30 years. This time, though, decoupling is driven not by war but by peacetime populist urges, exacerbated by a global coronavirus pandemic that has shaken decades of faith in the wisdom of international supply chains and the virtues of a global economy.

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