The End of Innocent Interdependence
No. 60, Jul.-Aug. 2026 Perhaps one of the mistakes of the past few decades was not that we believed too much in globalization, but that we spent too much time looking at the glass as half full. And we had good reasons to do so. Trade created prosperity, investment crossed borders, and global production chains connected economies that once had little reason to depend on one another. We thus arrived at a seductive conclusion: the more we stood to gain together, the more we stood to lose apart. Interdependence was supposed to make rivalry too costly to remain rational. More
