For the last 30 years, the world economy was engulfed by a strong homogenizing current of globalization. Having said that, I must also note that every trend has an inflection point. As polarization and fragmentation are becoming more evident, globalization may have reached a turning point of sorts.
Sustaining the high performance of the economy depends much more on what people in Minnesota do– along with those in Maine and Louisiana and Oregon–than it does on monetary policy. What do we mean when we say the economy is performing well?