Interestingly, the United States has been an exception to some of these longer-term trends and, according to some of the above measures, the United Kingdom has also outperformed continental Europe. I will come back to some of the lessons that might be learned from these different experiences. II.
Global supply chains grew rapidly, minimizing costs by linking the global economy through heightened specialization and trade. These supply developments all fostered a period of solid growth, low inflation and low interest rates. But these forces are now shifting. The failure to adequately share the benefits of growth has fuelled populism that is causing countries to turn inward.