S. A. Shelley: Over the last couple of months there has been a lot of discussion about tariffs. The Trump administration is keen to apply tariffs on Mexico and Canada, and a host of other nations (except maybe China?). In terms of the percentage of GDP that international trade contributes to their economies, it is obvious that the US can sustain a trade war quite well compared to other nations or regions (Fig. 1).

S. A. Shelley: After the fall of the Berlin Wall, the global trade order allowed for unprecedented bounties of consumer goods to flow to more and more people while lifting hundreds of millions out of poverty.  But it also allowed the political class of the West to become self-deceived and inured to the continued dangers to our way of life.  I’m not a Marxist, but I will definitely agree that society has been a constant struggle for power across all spectrums since antiquity. Consequently, in the west we built institutions around law, order and good governance to assuage that struggle, while in the East they went the authoritarian route to hammer that struggle into remission. But while Western politicians splurged on largesse for the masses, the more authoritarian ones did not forget to splurge on defense. We did and we will pay dearly for it shortly.