Today, the world economy is largely integrated: much of what we consume is imported, and much of what we produce is exported. It has not always been this way. From 1850 to 1914, the world experienced a golden age of globalization that ended abruptly with the outbreak of the First World War. Subsequent attempts to reintegrate the world economy were largely unsuccessful. It took more than 60 years for a new wave of globalization to take place and gain momentum. Today, globalization faces serious challenges once again. The Russo-Ukrainian war has shaken the rules-based international order, while the trade war between the US and China, along with the global COVID-19 pandemic, has cast doubt on the viability of free trade. Politicians on both sides of the political spectrum, poised to capitalize on these crises, have called for more legislation to mitigate future contingencies. However, such regulation can backfire and harm the very economies it seeks to protect.