The Retreat from Globalization
The COVID-19 pandemic has hastened a process that began with the collapse of Lehman Brothers in 2008 and has gained further momentum during the era of Donald Trump. The second great wave of globalization is over, and everything from trade and technology to finance and economic governance has become vulnerable to radical change.
CAMBRIDGE – The world economy has experienced two great waves of globalization since the onset of the first Industrial Revolution in the late eighteenth century. The retreat from the second wave is now plainly underway. Will it be an orderly withdrawal to defensible positions or a rout, like Napoleon’s retreat from Moscow?