The Iran war is the latest link in a chain of crises that is strengthening the world’s deglobalisation coalition. In an effort to secure supply chains and detach themselves from the economies of hostile states, a number of nations around the world are straining every sinew to localise production. While this is an understandable response to the trauma caused by shocks such as the Covid-19 pandemic and the Ukraine war, countries must be careful not to swing the pendulum too