Global trade has grown based upon relative stability over the last 70 years, despite the odd hiccup (eg: oil crisis). It is becoming abundantly clear how vulnerable we are:
- covid disruption of supply chains (eg: chips)
- import of consumer and durable goods (from China)
- global energy dependencies
- global media - internet, Amazon, Facebook etc
- financial markets and inadequately regulated trading
It affects not just the UK. US has some claim to potential self-sufficiency. China is reliant on exports to generate wealth. Europe is reliant on imports for raw materials, manufactured goods, food, energy. Russia even needs imported silicon chips for their defence capability.
The only countries with limited reliance on the global economy are the virtually bankrupt who do not have the wherewithal to engage in trade anyway.
The UN is the only body which may be able to resolve and stabilise global economies. They have a dismal record. All rather depressing - I think I'll go off grid!
|