Trade tensions between China and the U.S., the Covid-19 pandemic and the war in Ukraine are reshaping economic and financial systems away from broad globalization, with concerns about supply-chain vulnerabilities and energy security fostering more economic nationalism. “We are in the early phase of the most profound geopolitical shifts the world has seen since the end of the Second World War, promising more abrupt and more dangerous changes to economic structures than what we experienced when the Soviet Union collapsed 30 years ago," said Erik F. Nielsen, group chief economics advisor at UniCredit Bank. Russia’s invasion of Ukraine has shown...