• Historically, major accelerations of globalisation have often been accompanied by inflationary surges, each of which has led politicians and consumers to cast around for culprits In response to recent concerns about resurgent inflation, US policymakers deny that there is any threat and insist that expectations are “well anchored.” Any recent price spikes, they argue, will prove temporary, arising from one-off shortages that will be resolved when life returns to normal after the pandemic. Nonetheless, market participants and investors are increasingly obsessed with the issue, and pundits are rancorously divided. Such rhetoric suggests a need to step back and think about what is meant by i
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