Canaries in the coal mine

IF YOU look only at the headline numbers, populism and protectionism seem to be weirdly good for global business. Since 2015 there has been Brexit, the rise of fringe parties in the euro zone, the election of President Donald Trump and a more nationalistic China under Xi Jinping, its president. Yet over this period the profits of the world's biggest 3,000 listed firms have risen by 44% in dollar terms. Share prices have soared. As for tariffs, for now they are little more than an irritant for mo...