International Order & Conflict

Downhill from Peak Globalization: When Will It End?

The world has encountered a series of shocks over the past 15 years. This should lead to more realistic expectations about the timetable for further globalization moves.

By Lex Rieffel Co-Author

Originally published in The Globalist

For the sake of argument, let’s say that peak globalization was reached in the late 1990s.

It was marked by the creation of the World Trade Organization, the emergence of Eastern European countries from the ashes of the Soviet bloc, the rise of China and the effective and globally coordinated responses to the Mexican peso crisis and the Asian financial crisis.

Globalization: No longer riding high

The United States was riding high as the apostle of globalization. Its economy, its movies, its universities were the envy of the world.

Not so many people envy the United States today and, to be sure, globalization has lost its luster. It may not be too early to declare “The End of Globalization.”

After all, almost every country in the world is erecting walls against outsiders. This trend has clearly been accelerating since the breakout of the COVID 19 pandemic.

Read the full article in The Globalist.

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