While it is too early to confirm the depth and the sustainability of this new trend towards slower globalisation, it may be happening in more domains than we are fully aware of, at least for the near term given the renewed backdrop of the Russia-Ukraine war and the wider use of sanctions globally.

While bringing unprecedented prosperity to post-war Japan, her "economic miracle" at the same time led to greater vulnerability owing to a much higher degree of dependency on raw material imports and outlets for export goods. This was brought home to the Japanese by events in the early 1970’s....

Since Mao's death China has greatly strengthened its contacts with Western industrialized states. This year the People's Republic has concluded trade agreements with Japan and the European Community, amongst others. All these activities suggest that China's economic policy is set on a new course.