our particular point in history—the unwinding of globalization—is little more than a momentary transition period. An interregnum, as it were. Such historical periods are (in)famous for their instability as the old gives way to the new. The interregnum between the British-German competition and the Cold War included the world wars and the Great Depression. The interregnum between the French-German competition and the British-German competition included Napoleon. When old structures fall, or “merely” persevere in the face of extreme challenge, stuff breaks. Lots of stuff.
