Why the world needs better – not less – globalization

-Globalization entails the spreading of new forms of risk, just as it brings benefits.

-Given mishandlings of the pandemic, the decline of Atlantic trade relative to the rise in Pacific and Indian Ocean trade will be more rapid than foreseen.

-The current inability of politicians to manage global threats and build a more inclusive world is a sign of too little globalization, not too much.

Globalization is the most progressive force in the history of humankind. It has heralded more rapid improvements to more people than any other human intervention. While COVID-19 has temporarily disrupted some cogs in the chains of moving goods, services, people and – to a lesser extent ideas – that constitutes globalization, it has accelerated others.

The pandemic offers a once-in-a-lifetime opportunity to reset globalization to ensure that the benefits are more widely shared and the threats it compounds – pandemics, climate change, inequality and so on – are greatly reduced.

Unless globalization’s dark side is tackled head on, the rise in systemic risk and increasing political pushback will lead to deglobalization. This would mean less multilateral cooperation to address critical global challenges and a poorer, less inclusive and more unsustainable world.

Globalization accelerated in the late 1980s and early ’90s with the collapse of the Soviet bloc, the opening up of China, the integration of Europe and NAFTA in North America, and the Uruguay Round trade negotiations which halved tariffs globally.

At the same time, the development of the World Wide Web was ushering in the digital age. The extent of our connectivity is reflected in this image from our recent book Terra Incognita: 100 Maps to Survive the Next 100 Years.

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Πηγή: weforum.org

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