The War in Ukraine Will Fragment the World, Accelerating Deglobalization.

This phenomenon, which began more than ten years ago, will continue and grow.

World trade is not what it used to be. The international organization that tries to regulate it, the WTO, is forecasting an increase in trade in goods of 3% in 2022, lower than world growth, which could approach 4%.

Of course, this is still the fault of the epidemic. It's mostly the war's fault, according to Larry Fink, who heads BlackRock, the world's l…