Inflation Is Deglobalization's Price

Deglobalization — the deliberate reshaping of trade, supply chains, and migration — creates structural bottlenecks and higher input costs that make elevated inflation persistent even when macro policy (like interest-rate hikes) changes. This is not just a cyclical monetary problem but a political‑economy outcome of choices about trade, energy sourcing, and labor flows. — If true, this reframes inflation from a central‑bank problem to a long‑term policy trade‑off, implying limited returns from orthodox monetary responses and large distributional and political consequences for housing, wages, and industry policy.