The 2020s will see a collapse of consumption and production and investment and trade almost everywhere. Globalization will shatter into pieces. Some regional. Some national. Some smaller. It will be costly. It will make life slower. And above all, worse. No economic system yet imagined can function in the sort of future we face. This devolution will be jarring, to say the least. It’s taken us decades of peace to suss out this world of ours. To think that we will adapt easily or quickly to such titanic unravelings is to showcase more optimism than I’m capable of generating.
