It remains a key facilitator of the growth we enjoy today. Yet such progress was not without its occasional problems, in the form of periodic panics. Commodities markets had a certain tendency towards occasional instability. Optimism and greed could push prices to extreme levels, following which a loss of confidence typically precipitated a crash.
Whatever may be the rational and economic logic behind the competitive protectionism through tariff barriers, it is certainly contributing to the global economic slowdown. The exit of Britain from the European Union, the so-called Brexit also is shrouded in uncertainty and it is recognised that a no-deal Brexit will surely be a disruptive factor.