RealTime Economic Issues Watch
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REUTERS/Anton Vaganov
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Adam S. Posen (PIIE)
via Foreign Affairs
The war in Ukraine and the resulting sanctions against Russia are accelerating the retreat from economic globalization. Rising economic nationalism coupled with China’s challenge to the rules-based economic system have driven this trend for two decades. But now the war has isolated Russia economically and speeded a breakup of the global economy into competing blocs struggling to be led by China and the United States.
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Photo Credit:
REUTERS/Anton Vaganov
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