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Not long ago, “most governments had believed that closer economic integration would promote long-term prosperity. Now, integration is seen as a source of risk and insecurity.” This is how London-based Capital Economics introduces an intriguing analysis of “the shape of the fractured world economy in 2024″. Economics and politics always interact. Today, however, politics has become more important. Its concept then is of a global economy being reshaped by fraught relations between the US and China. Capital Economics argues that countries can be divided into five groups: the US and its close allies; countries that lean towards the US; the...
