Raising the drawbridge has been a response to war and pestilence throughout human history, and the tumultuous winter of 2022 has similarly led trading nations to turn inward — though talk that the era of globalization may be winding down seems premature.
The damage to international commerce stemming from Russia's invasion of Ukraine and the still unvanquished COVID-19 pandemic has made governments and companies more aware they need more resilient supply chains — even if that costs them more.
And as reliance on the mechanisms that drive the world economy gets called into question amid a scramble for resources, prominent voices — including asset management giant Blackrock's head Larry Fink — have warned of an end to globalization.