a recent essay.

Global forces could exacerbate those trends. The past year’s supply chain issues could inspire companies to produce more domestically — reversing years of globalization and chipping away at a force that had been holding down wage and price growth for decades. The transition to greener energy sources could bolster investment, pushing up interest rates and at least temporarily lifting costs.

“The long era of low inflation, suppressed volatility and easy financial conditions is ending,” Mark Carney, a former head of the Bank of England, said of the global economy in a speech on Tuesday. “It is being replaced by more challenging macro dynamics in which supply shocks are as important as demand shocks.”

Russia’s invasion of Ukraine, which has the potential to rework global trade relationships for years to come, could leave a more lasting mark on the economy than the pandemic did, Mr. Carney said.

“The pandemic marks a pivot,” he told reporters. “The bigger story is actually the war. That is crystallizing — reinforcing — a process of de-globalization that had begun.”

Mr. Summers said the current period of high inflation and repeated shocks to supply marked “a period rather than an era.” It is too soon to say if the world has fundamentally changed. Over the longer term, he puts the chances that the economy will settle back into its old regime at about 50-50.

“I don’t see how anyone can be confident that secular stagnation is durably over,” he said. On the other hand, “it is quite plausible that we would have more demand than we used to.”

That demand would be fueled by government military spending, spending on climate-related initiatives and spending driven by populist pressures, he said.

In any case, it could take years to know what the economy of the future will look like.

What is clear at this point? The pandemic, and now geopolitical upheaval, have taken the economy and shaken it up like a snow globe. The flakes will eventually fall — there will be a new equilibrium — but things may be arranged differently when everything settles.

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Britannia, With Fewer Rules

“Every stage of the crisis has been characterized by the idea that Britain is a special case,” Mr. Sanghera wrote.

It was special, and sometimes for the best of reasons. When the vaccines debuted in the United States, millions of people chased them online. In Britain, the vaccine chased you. One day, a notification showed up on your phone, from the National Health Service, asking which day and vaccination center was convenient. The entire process was easier than buying an iPad online.

But England was often special in the worst way. For stretches of the pandemic it had the highest death rate in Europe. In March 2020, when Mr. Johnson contracted Covid after seeming to defy recommended precautions, The Irish Times described Mr. Johnson’s leadership as “another example of British exceptionalism backfiring in grand style, some might say, and a bad omen for Brexit, the U.K.’s other social distancing project.”

To date, England’s efforts to prevent death from Covid-19 have been more successful than those of the United States, on a per-capita basis, but lag most of Europe. In Germany, there have been 141 deaths per 100,000, in Spain 197. In England, the per capita death rate is 240.

Not the worst, and far from the best. The historian and podcaster Dan Snow argues that this showing flows from the U.K.’s faith in the power of vaccines, which is of a piece with England’s love of — and gift for creating — life-altering technology.

“The vaccine was a kind of tech optimism, it was the moonshot,” he said. “Like the U.S., we’re a country open to transformative technology and that makes sense because this is where the industrial revolution began. We start by fiddling around with looms and textiles and eventually there’s a man on the moon.”

This faith in the power of English minds to dig the country out of any mess is a variation on the theme of exceptionalism. Put another way, the English are different. Expecting them to trod the same path as the rest of Europe is folly.

Or as Mr. Snow put it, “The boring, social democratic solution of ‘Let’s slow down transmission, sit apart from each other, let’s not do whatever we want’ — to English ears, that all sounds a bit Dutch.”

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