East vs West, 'Stuff' vs 'Finance'

As a military conflict rages in Ukraine between Russia and what the Russian government calls "the West" (apparently meaning NATO allies and particularly the United States), there is a parallel economic battle between "stuff" and "finance." Both categories are affected by economic sanction regimes imposed by each side.

But there is a striking difference in what each side has to sell. In advanced countries, the percentage of the total economy devoted to services has long exceeded that devoted to goods. This is a reflection of the increasing productivity…