Global disorder vs economic progress

Troubles in the global order are real, even if they are not yet reflected in current, buoyant GDP trends

The past year has been a bad one for the underlying global political and economic order. Consider the following events and trends:

* Despite apocalyptic threats from the Donald Trump administration, North Korea’s nuclear and missile capability increased demonstrably to high levels, significantly raising the possibility of a major conflict in the Korean peninsula and beyond;

* There is now a serious possibility that the nuclear weapons limitation deal agreed between major powers and Iran in the final year of the Barack Obama government may be reneged on by the United States, with ominous implications for regional stability;

* China’s expansionist policies in