Themes for a changing global paradigm

THOUGH peak globalisation likely occurred as long as a decade ago, the Trump trade wars, the global pandemic, and Russia’s 2022 invasion of Ukraine have accelerated the shift from a “just-in-time” to an increasingly “just-in-case” global economy.

In transitioning to this new global paradigm, the investments that established the infrastructure for globalisation in the 1990s are in the process of being reshaped, creating not only the increasing inflation and instability of the current era, but also giving rise to long-cycle investment opportunities that globalisation itself spurred in the 1990s.

At the foundation of the global economy as we knew it was the global energy market that took shape following the fall of the Soviet Union in 1989, which brought low-cost Russian energy and broader commodity exports to feed global factories.