The End of Globalization?

Speaker Date: Sept. 17, 2021

Transformation of life in the Western world from the past to today’s longer life expectations, better health and nutrition, and vast increase in knowledge and living standards has been among mankind’s greatest achievements. Globalization has been an important factor to this transformation.

The globalization movement has been ongoing throughout recorded history. However, globalization has not been evenly experienced in developing countries as in developed countries. In addition, there have been periods of disruption of this growth during periods of world wars, depression and recessions. However, overall growth has continued in world economies. The most consequential slow down began to be experienced after the 9/11 event with skepticism about trade and globalization. Several criticisms intensified during the decade of the Great Recession in 2008 especially around job loss. Despite this criticism and skepticism overall growth continued with an increase in a favorable trade environment.

The election of Donald Trump as President changed this. His administration chose to attack the open multilateral trading systems on many fronts. Adding Brexi, the Pandemic and Popularism to the mix resulted in the whole concept of globalization coming under attack both in the U.S and abroad. With the new Biden administration trying to restore a normalized trade environment in the US, it is hoped that the many benefits of globalization that have already taken place will serve as a lesson and persuade countries to continue to progress. However, can the doubts of globalization be overcome?