Well, it’s the start of a New Year and traditionally there should be a sense of optimism to a fresh start. Indeed, at least one forecasting company feels that the global outlook for 2017 is at least stable despite the challenges of 2016 and indeed is expecting an uptick in commodity prices. However, given the course of world events over the last twelve months, one might think that there is little to be optimistic amount. On the one hand, the events of 2016 to me seem to mark the end of what can be termed the second great globalization (more detail here on that). It was a period that saw per capita GDP globally grow as a result of technological change, integrated markets and trade much like the first great globalization from 1870 to 1913.