Ships at anchor off Singapore: consumers in the west are buying far fewer manufactured goods

Anyone looking out from the restaurants and offices of Singapore’s tree-fringed south shore in the last few years has had a grandstand view of globalisation in action. Scores of ships would be either anchored offshore or passing by in one of the world’s busiest shipping lanes. Among the commonest sights have been huge container ships either taking vast quantities of manufactured goods from Asia towards Europe or, largely empty, heading back for more.