HOUSE OVERSIGHT 026639 economies. In my view, Mr Trump's victory will have many social, geopolitical, and economic consequences, but for investors I think he will start a period of 'Economic Olympics', whereby the federal governments around the world will take more responsibility and be more proactive to help their 'national teams' to become more competitive in this globalised world. (1) Free trade is in theory good for economic growth. But there are other policies (such as well-directed R&D, efficient investment, an effective educational system) that are also extremely important for long-term growth, but have been ignored in the past 15 years because of the globalisation fad. A slowdown in trade globalisation might not be bad for the global economy, if policy makers replace this engine of growth with other structural improvements. But while globalisation is more about 'growth beta', other types of structural reforms are about 'growth alpha' and federal/central governments around the world will need to make a greater effort at leading the economies to prevent them from falling behind. This is like a government-led program to win Olympic medals, without doping by central banks. (2) A client kindly brought to my attention an interesting report done by the Harvard Business School that touches on the idea mentioned above (Problems Unsolved and a Nation Divided: the State of US Competitiveness 2016'). In it, several sensible and consequential points were made: 'The pressing need for a national economic strategy... Given the significant challenges facing the American economy, the U.S. needs a national economic strategy more than at any other time in recent history. A strategy is an integrated set of priorities that builds on strengths while acknowledging and tackling weaknesses... The U.S. lacks an economic strategy, especially at the federal level. The implicit strategy has been to trust the Federal Reserve to solve our problems through monetar