Postwar vision of harmonious world trade was already under pressure; invasion of Ukraine risks further economic fragmentation.
Russia is now cut off of much or most global trade. But this WSJ articles notes global trade peaked in 2008 and has declined since then. Plus, trade tariffs have gone up in many sectors and countries.
The suggestion is that the peak of global trade has passed – and we regional trade groups and groups of “like minded” countries engaged in selective trade activities are the future.