The pandemic has accelerated de-globalisation. Governments worry now about the length and strength of medical supply chains and cross-border trade and travel. But globalisation has had its critics for quite a time. Nationalism has been powered in many countries by the belief that a globalised world has led to rising inequality and fewer middle income jobs in richer countries. And our global institutions - the IMF, World Bank and World Trade Organisation - are under attack too. Philip Coggan considers the long view, looking back to the last great wave of globalisation that ended abruptly with the Great War of 1914-1918.