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Is Globalization Over?

While the US-China rivalry may disrupt global economic arrangements, it certainly does not augur a sharp decline in human interdependence. History shows that globalization is largely driven by technological changes that reduce the importance of distance, and that will not change.

CAMBRIDGE – Late last year, Morris Chang, the legendary founder of Taiwan’s (and the world’s) leading semiconductor producer, proclaimed that “globalization is almost dead.” In a world where supply chains have been disrupted by COVID-19 and the deepening Sino-American rivalry, other commentators have echoed this view, and many companies have begun “on-shoring” and “near-shoring” their procurement of goods. But it is a mistake to conclude that globalization is over. A lot of human history reveals why.