The Long and the Short of It
World trade is in serious trouble, and with the arrival of the COVID-19 pandemic, globalization is also under threat. The old system of trade was damaged by the US-China trade war, and the collapse of trade due to national lockdowns has been a body blow on top of that. The United States is now faced with Depression-like unemployment of over 40 million people. That, combined with the shutting of factories and retail outlets, has hammered both production and consumption. The in