Over the past decade and a half, financial, health, and geopolitical shocks pummelled world trade. The 2008 global financial crisis devastated the banks that financed much of the world’s commerce, and then triggered a secular decline in economic growth.
In 2020, the COVID-19 pandemic closed factories and upended global supply chains. And now Russia’s invasion of Ukraine has disrupted food and energy supplies, threatening to divide the world along geopolitical lines.
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Arvind Subramanian, a former chief economic adviser to the government of India, is a senior fellow at Brown University and a distinguished non-resident fellow at the Center for Global Development.
