The most obvious benefits will flow to the “cognitive elite,” who will increasingly operate outside political boundaries. They are already equally at home in Frankfurt, London, New York, Buenos Aires, Los Angeles, Tokyo, and Hong Kong. Incomes will become more unequal within jurisdictions and more equal between them.

A second crisis was economic, or to be more precise financial, triggered by years of irresponsible mortgage lending, high-risk investments, and inadequate regulation of banks and other financial institutions in the United States and Europe. These practices came home to roost in 2007 and 2008, and it was not long before the crisis grew dramatically