A common assumption in public debate is that a region with lower direct dependence on Middle Eastern energy should be less worried about conflict in the Gulf. At first glance, this view appears reasonable. If Europe imports a smaller share of its oil and gas from the Gulf than major Asian economies do, then Europe should, in theory, face less risk from instability in that region. Yet real-world policy behavior suggests otherwise. European governments, institutions, firms, and

Globalization has long been one of the defining ideas of modern life. For several decades, it was often described as an unstoppable process through which goods, capital, knowledge, technologies, cultures, and people moved across borders with growing speed and intensity. In many academic and public discussions, globalization was presented almost as a single-direction historical force: markets would become more integrated, communication would become more global, and societies w