The election of Donald Trump symbolises the demise of a remarkable era. It was a time when we saw the curious spectacle of a superpower, the US, growing stronger because of - rather than despite - its burgeoning deficits. It was also remarkable because of the sudden influx of two billion workers - from China and Eastern Europe - into capitalism's international supply chain. This combination gave global capitalism a historic boost, while at the same time suppressing Western labour's share of income and prospects. Trump's success comes as that dynamic fails. His presidency represents a defeat for liberal democrats everywhere, but it holds important lessons - as well as hope - for progressives