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El-Erian: Beware a global economy with little fires everywhere

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Mohamed A. El-Erian, president of Queens’ College at the University of Cambridge, is a professor at the Wharton School of the University of Pennsylvania and the author of The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse Big shocks to the global economy, such as Russia’s invasion of Ukraine, understandably capture the most attention.

But a new worldwide pattern of little fires everywhere may be equally consequential for longer-term economic wellbeing. Over time, these small fires can coalesce...

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