Despite the hand-wringing about U.S. President Donald Trump’s tariff war, which many claim sounds the death knell for the world’s trading system, and worries about heightened geopolitical tensions, globalization is not ending.
But it is being fundamentally restructured by geopolitical shifts, technological transformation and climate change. And each of these forces will affect globalization in different ways.
For starters, the rise of China and other economies is bringing an end to the postwar world order dominated by the United States. Escalating strategic rivalries, coupled with populist politics, have ushered in an era of economic nationalism, upending old paradigms and fueling trade tensions. Economies that used to preach the neoliberal gospel of free markets and openness have embraced nationalist industrial policies, protectionism and discriminatory trade practices. This shift is most apparent in the U.S., formerly the chief exponent of neoliberalism and the de facto guarantor of the multilateral system.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.