New Delhi, Oct. 1 -- When flight attendants instruct passengers to secure their own oxygen masks before helping others, they acknowledge a fundamental truth: In times of crisis, self-preservation must precede collective action.

Today's global economy faces a similar moment of reckoning. As nations grapple with supply-chain vulnerabilities, geopolitical tensions and economic uncertainty, they are increasingly adopting a 'mask-first' approach, prioritizing domestic resilience over global integration.

This shift manifests through what we call the 'Three Ds': deglobalization, derisking and deregulation. While these trends dominate policy discussions worldwide, their actual impact varies significantly between rhetoric and reality. Understand...