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Opinion
Allison Schrager

Globalization Is Just Getting Started

Greater integration of the world’s financial and political interests has improved our lives and will inevitably continue despite current discourse to the contrary.

A ship that’s hard to turn.

A ship that’s hard to turn.

Source: STR/AFP via Getty Images

Like it or not, we live in a globalized economy. How you define or measure globalization can vary, but it tends to just mean greater financial integration among countries, as well as more political cooperation, immigration, and trade of goods and services. In all these domains, globalization has been on the rise until recently.

Some economists, pundits and politicians are arguing that globalization has peaked and will now start to reverse. Niall Ferguson sees this period of globalization, thanks to the pandemic, fading away with a whimper. Harvard economist Dani Rodrick is announcing the end of neoliberalism.