It’s often said that the world is getting smaller. Now, it may be getting bigger again.

Companies in rich countries are reversing a decades-long trend of offshoring production and manufacturing in locations where labour is cheap. Instead, they are looking to “onshore” business.

The reasons are partly political, partly strategic. But experts are agreed on the effect: higher inflation. Investors are piecing together the implications for asset allocation and portfolio management.

“Investors