Macro Analysis /
Global

The Next Globalization

    Project Syndicate
    25 January 2023
    Published byProject Syndicate

    There is growing support for the idea that the world is experiencing not "deglobalization" but rather "re-globalization," owing to accelerating changes in energy and technology. Nonetheless, the differences between the next wave of globalization and the last one will far outweigh the similarities.

    DAVOS – Is globalization coming back to life? That was the big question at the World Economic Forum’s annual meeting in Davos, where WEF founder Klaus Schwab asked whether it is possible to have cooperation in an era of fragmentation.

    For the past decade, the steady demise of “Davos Man” – the avatar of global business and cosmopolitanism – was the big story here, owing to the 2008 financial crisis, Brexit, Donald Trump’s election, democratic backsliding around the world, COVID-19, and Russia’s war in Ukraine. All were seen as signs that globalization had gone too far and would be thrown into reverse.

    But the mood at this year’s meeting was slightly more optimistic. Despite much concern about conflict and economic strife, the world seems to be doing a little better than global elites expected when they last met in May. The Ukrainians are valiantly resisting the Russian invaders, the West is united, Europe has managed to keep the lights on this winter, and some think we might still avoid a recession.

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