The world may not be turning upside down, but it’s certainly tilting. In the long shadow of the pandemic, with war on the European continent and the West and China entering a new cold war, the “new economy” of bits and bytes that was supposed to connect and shape the world has hit a rough patch. Meanwhile, the much disdained “old” economy of manufacturing, agriculture and energy is thriving.
Today, it’s not steel companies or gas plants that are experiencing mass layoffs, but firms such as Goldman Sachs, Meta, Amazon, Microsoft, Snap and Google. Last year,…