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The distinction between free trade and protectionism not only misrepresents recent history, it also misconstrues today's policy transitions and the conditions needed for a healthy global economy.

As Joe Biden eked out a victory in the US presidential election, observers of American democracy were left scratching their heads. How did Donald Trump manage to retain the support of so many Americans?

Much of the new push for industrial policy in the US and Europe is motivated by the perceived Chinese "threat". But economic considerations suggest this is the wrong focus.

The global economy will be shaped in the years ahead by three trends. While COVID-19 reinforces and entrenches them, it is not the primary force driving them. All three predate the pandemic. The fate of the world economy hinges not on what the virus does, but on how we choose to respond.