The Unfortunate Deglobalization – The End of a Happy Era
The era of happy globalization that was supposed to ensure peace in the world is now over. Globalization lifted hundreds of millions of people out of extreme poverty worldwide. It provided wealthy countries with an extraordinary variety of products at attractive prices. It brought people from all countries to work together, often within multinational companies. However, the reality is that globalization was never entirely happy because, in wealthy countries, millions of people lost their jobs and the wages of millions of others stagnated. It was also never truly honest. Multinational corporations gained monopoly powers, often protected by their home countries. At the heart of this transformation, China did not play by the rules, even after its admission to the WTO: it stole advanced technologies through espionage or by forcing companies to disclose their secrets to operate in a rapidly growing market. Then, like others, it used its economic power to develop its political power, which has become aggressive under Xi Jinping’s leadership. Its “unlimited friendship” with Putin is cause for concern.
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Challenges and Concerns Ahead in the Global Economy
As the world navigates through the consequences of deglobalization, challenges and concerns continue to arise. The shifting power dynamics, the rise of protectionism, and the impact on global supply chains are just some of the issues that need to be addressed. It is crucial for policymakers, businesses, and individuals to adapt to this new reality and find innovative solutions to foster economic growth and stability in a rapidly changing world.
In conclusion, the unfortunate deglobalization has brought about significant changes in the global economy, raising important questions about the future of international trade and cooperation. It is essential for stakeholders to collaborate and address these challenges to build a more sustainable and inclusive economic system for the years to come.