The announcement by the US vice-president, JD Vance, that the country is seeking to create a new critical minerals “trading bloc” is a final, exotic, nail in the coffin of the old global trading system. The era of mass abundance, as supplied by unfettered free trade and global markets – “neoliberalism” – is over. We live in a new world of strategic competition between states over scarce but essential resources, with shocks to supplies from human activity and natural disasters an ever-present risk. This means recalibrating how we think about our economy: the new economic fundamentals today are resource constraints
Heres a reality check on Trumps AI pledge
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