The hot war in Ukraine and the economic warfare being waged against Russia has dealt a heavy blow to globalisation. A retreat into autarchy will reverse the gains made by so many participants from freer trade and freedom to invest capital wherever it offered the best risk-adjusted prospects. 

China has been the notable beneficiary of the free access it has had to global markets since the 1990s, and the access foreign-owned firms have had to Chinese consumers. Export- and import-led growth has transformed China’s economy, and the rest of the world along with it...

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