rodrik196_akindoGetty Images_worldbusiness

A Better Globalization Might Rise from Hyper-Globalization’s Ashes

With the end of post-1990s hyper-globalization, scenarios for the world economy run the gamut. In the best case, achieving a better balance between the prerogatives of the nation-state and the requirements of an open economy might enable inclusive prosperity at home and peace and security abroad.

CAMBRIDGE – The post-1990s era of hyper-globalization is now commonly acknowledged to have come to an end. The COVID-19 pandemic and Russia’s war against Ukraine have relegated global markets to a secondary and at best supporting role behind national objectives – in particular, public health and national security. But all the talk about deglobalization should not blind us to the possibility that the current crisis may in fact produce a better globalization.