India, Jan. 12 -- If the fall of the Berlin Wall in 1989 marked the beginning of a new wave of globalisation, 2025 perhaps marked the end of that wave. After the end of the Cold War, American elites led the drive to "flatten" the world by removing restrictions on trade and capital flows. American multinational firms gained the most from globalisation. Other parts of the world, including China and India, also benefited. But globalisation did not benefit all sections of society equally. In the US, those who feel cheated by globalisation have now found a messiah in Donald Trump.

The Trump administration has decided it need not engage with too many multilateral institutions. In its National Security Strategy (NSS) document released last mont...