Inflation is raging because globalisation is fading

[Beet]

Well it's no coincidence that the era of low inflation was the era of globalization, and the same was true for the first era of low inflation (or deflation) during what we now know of as the Victorian and Edwardian periods. One thing that has become apparent in recent years is that economic logic and political logic do not go together. Economics in the aggregate is a rational discipline, and the best economics integrates the world because that is the most efficient way to produce more at a lower cost. Politics on the other hand is full of human emotions, particularly the bad ones, and include pride, fear, anger, disgust, tribalism, and all the rest, and is the opposite of rational. Therefore in some ways, politics and economics are opposites.