The Reverse of Globalization: The Impact of COVID-19 Scarring

The Great Moderation was this idea that economic growth was more stable, more secure and accompanied by lower inflation rates than we had been used to previously. Many central banks had taken the credit for this 'Great Moderation' But in fact it was a series of lucky breaks as China and India were incorporated into the global economy. And I think even before the advent of the pandemic, some of that sort of hyper-globalization theme was beginning to unwind.