For now, the bigger short-term threat to the health of the global economy is a clampdown on free trade. We will always be just one protectionist wave away from a slowdown. We must never forget that the Great Depression of the 1930s was worsened by the isolationist tendencies among several countries. If America’s politicians, for example, decide, perhaps out of electoral calculations, to impose a prohibitive tax on the Chinese for selling their goods under cost price, there will be some form of retaliation. Once you go down that route, it would not be long before other trading partners,
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