Global Trumpism could have been avoided. An economy has three broad sources of demand that enable the expansion of aggregate sales (nominal GDP) on domestically produced goods and services.* Domestic private sector (households and corporations) consumption and investment spending Public sector expenditure (which recycles income back to the non-government sectors) Foreign sector purchases (exports to foreign domiciled agents/entities) Aggregate expenditure is funded by: Domestic private sector dissavings in the form of leverage (debt issuance and/or asset sales ), equity issuance, or spending out of existing income Public sector debt issuance, asset sales, and taxes Foreign sector leverage, equity issuance, or spending out of existing income