Samy Chaar

Fragmentation Turns Security Into a Capital Spending Cycle

Lombard Odier chief economist Samy Chaar argues in an FT Rethink interview that recent shocks are symptoms of a broader shift from global interdependence to a fragmented economy organised around security. He says governments now have to secure energy, defence, technology and infrastructure for themselves, creating a costly capital-spending cycle that can feel worse for citizens while still supporting corporate demand and profits. For Europe, Chaar’s conclusion is that the old order is not coming back and autonomy has become an economic necessity.