Just two decades ago, globalisation seemed unstoppable. China’s entry into the World Trade Organisation in 2001 was the final piece in the global free trade puzzle, and a period of unprecedented prosperity loomed, supported by a commodities boom. But history had other ideas.

Economic and political turbulence since the 2008 global financial crisis led experts to reconsider old orthodoxies. And recent supply shocks and persistently high inflation are causing economists, business leaders and policymakers to rethink the terms of global trade...

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