There is a cold wind blowing on Globalisation in the West. The Democrats in America are campaigning against NAFTA, Congress opposes new free-market agreements with Colombia and South Korea and only 28% of Americans agree that globalisation is a good thing. Europe is faced with the electoral success of regional political parties that are hostile to immigration. In Italy the new right-wing government is asking for excise duty on Chinese products and dreams that the national airline will remain in Italian hands. As the Wall Street Journal says, “the world is not as flat as it used to be”.