There was a time when the heady combination of economic
liberalisation and technology seemed fated to drive
ever-increasing volumes of goods, capital and people across
borders. Global cross-border capital flows,
for example – including lending, foreign direct
investment, and equity and bond purchases – rose from
$0.5 trillion in 1980 to a peak of $11.8 trillion in 2007,
according to the McKinsey Global Institute.
But then came the global financial crisis in 2008.
Regulatory efforts to reduce the threat of big bank
collapses and the need for government bailouts in the years
since have consistently...