Recent events are proving wrong the notion that history leads us to a fully integrated and borderless world. The march of history is uneven, and thus global trade will remain volatile for years to come. Scotland Signals Volatility Peter Tasker of Arcus Research notes that regardless of the outcome of the independence vote in Scotland on Thursday, events are proving wrong the notion that history leads us to a fully integrated and borderless world. He notes that political scientist Francis Fukuyama referred to it as the march of history toward liberal capitalist democracy and Thomas Friedman called it the "flattening of the earth." If the Scots vote yes, they will be choosing the emotional reward of tribalism and incurring a huge economic p...

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