In 2017 economic growth in the United States was steady. Unemployment was down to precrisis levels. The markets were booming. In Europe the economy was finally bouncing back. An immediate crisis was not in the cards. The real force of the question becomes apparent if we direct our attention, in conclusion, not to America and Europe, the old hub of transatlantic globalization, but to China and the emerging markets, where the future of the world economy will be decided. There the years prior to 2017 had been anything but calm.
