Globalization Isn’t Dead, It’s Just Not American Anymore
Trade, investment and technology links between nations are growing more controlled and less mediated by Hollywood and Washington, but they are still thriving.
BTS is adored everywhere, including Indonesia.
Photographer: Goh Chai Hin/AFP/Getty Images
First, it was the financial crisis. Then Brexit and the election of former U.S. President Donald Trump. Next came a trade war and a pandemic. The war in Ukraine is only the latest event to trigger a wave of claims that globalization is dead.
Since the Russian invasion began, everyone from newspaper columnists to Wall Street luminaries such as BlackRock Inc. Chairman Laurence Fink and Oaktree Capital Group co-founder Howard Marks have decided that the era of expanding global trade and financial ties has ended. Yet such claims don’t match the empirical reality many of us see, especially in Asia.