Mikael Wigell is the founder and CEO of Economic Security Forum, a geoeconomics consultancy. He is also a visiting professor at College of Europe in Brussels, Belgium. For decades, foreign direct investment (FDI) followed a simple principle: efficiency. Firms built global supply chains to minimise costs, and governments competed for capital through deregulation and open markets. This model of market capitalism underpinned globalisation’s golden age. That world is fading. Across advanced economies, govern ...