Member-only story

The End of Globalization: A New Era of Economic Nationalism and Deglobalization

Ashton Reed

·14.8k Followers· Follow

Published in The End Of Globalization: What It Means For Business

4 min read

240 View Claps

21 Respond

Save

Listen

A Globe With Arrows Pointing In Different Directions, Representing Globalization, Breaking Apart The End Of Globalization: What It Means For Business

Globalization, the interconnectedness of economies and cultures across national borders, has been a dominant force in the world for decades. However, recent events, such as the COVID-19 pandemic, the rise of populism, and ongoing trade tensions between the United States and China, have raised questions about the future of globalization. Some experts argue that we are entering a new era of economic nationalism and deglobalization.

The End Of Globalization: What It Means for Business

by Wendell Berry

4.3 out of 5

Language	:	English
File size	:	3206 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
Word Wise	:	Enabled
Print length	:	256 pages

The Decline of Globalization

There are a number of factors that have contributed to the decline of globalization. One factor is the rise of populism. Populist leaders often appeal to voters by scapegoating foreigners and blaming them for economic problems. This has led to a backlash against globalization and a resurgence of economic nationalism.

Another factor that has contributed to the decline of globalization is the COVID-19 pandemic. The pandemic has caused a sharp decline in global trade and investment. It has also led to a rise in protectionism, as countries have sought to protect their domestic industries from foreign competition.

Finally, ongoing trade tensions between the United States and China have also contributed to the decline of globalization. The Trump administration has imposed tariffs on a wide range of Chinese goods, and China has retaliated with tariffs of its own. This has led to a disruption in global supply chains and a decline in trade between the two countries.

The Rise of Economic Nationalism

The decline of globalization has led to a rise in economic nationalism. Economic nationalism is a belief that a country should protect its domestic industries from foreign competition. It is often associated with protectionist trade policies, such as tariffs and quotas.

Economic nationalism is on the rise in many countries around the world. In the United States, the Trump administration has pursued a number of protectionist policies, including withdrawing from the Trans-Pacific Partnership (TPP) and imposing tariffs on steel and aluminum imports. In Europe, the United Kingdom has voted to leave the European Union, and there are growing calls for protectionist policies in other countries.

Deglobalization

Deglobalization is the process of reducing economic interdependence between countries. It can occur through a number of mechanisms, such as the imposition of trade barriers, the withdrawal from international agreements, and the relocation of production to domestic markets.

There are a number of factors that could lead to deglobalization. One factor is the rise of economic nationalism. As countries become more protectionist, they are likely to reduce their trade with other countries. Another factor that could lead to deglobalization is the increasing cost of transportation. As the cost of shipping goods increases, it becomes more difficult for countries to trade with each other.

The Consequences of Deglobalization

Deglobalization could have a number of negative consequences for the global economy. One consequence is that it could lead to a decline in global trade. This could lead to lower economic growth and higher prices for consumers. Another consequence is that it could lead to a fragmentation of the global economy. This could make it more difficult for countries to cooperate on issues such as climate change and terrorism.

The future of globalization is uncertain. However, there are a number of factors that suggest that we are entering a new era of economic nationalism and deglobalization. This could have a number of negative consequences for the global economy. It is important to be aware of these risks and to take steps to mitigate them.

The End Of Globalization: What It Means for Business

by Wendell Berry

4.3 out of 5