The Dangerous New Anti-Globalization Consensus

Source: Foreign Policy
by Edward Alden

“The long-time critics of globalization who warned us that it would end badly are having a told-you-so moment. Porous borders, free trade, and thinly stretched supply chains would make the world more fragile, they cried, leaving countries dangerously vulnerable to disruptions and shocks. It took a protectionist U.S. president, a global pandemic, and a new European war to prove them right. … Now that the disruptions are piling one on top of the other, a new consensus has taken hold in the world’s advanced economies: It’s time to deglobalize. The better path now is to control borders more tightly, build resilient supply chains, pursue self-sufficiency in critical technologies, and inflict trade sanctions on adversaries regardless of global trade rules. But deglobalization has its own long list of costs and dangers, from rising inflation and labor shortages to resurgent protectionism and shocks to the global financial system.” (05/03/22)