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.
October 30 2013