In the last few weeks, the world economy has seen worrying turmoil. Whether or not a recession is imminent, there has certainly been a collapse of confidence.
What has got investors so rattled? There are long-term factors in play, like demographic trends and a slowdown in technological change. But what seems finally to have dawned on the markets is that globalisation is no longer supported by the combination of investor-friendly economic policy and congenial politics they have long taken for granted.