When the world-wide financial system eventually gets beyond the pandemic, count on it to be a lot less globalized than right before.

Governments, like a lot of longtime advocates of world-wide trade, are applying the disaster to erect obstacles to commerce and provide producing household. Japan now pays companies to relocate factories from China. French President Emmanuel Macron pledges “full independence” in essential health care supplies by calendar year-stop. In Washington, Republicans and Democrats alike again new “Buy American” necessities for federal government health expending.