Now that the disruptions are piling one on top of the other, a new consensus has taken hold in the world’s advanced economies: It’s time to deglobalize. The better path now is to control borders more tightly, build resilient supply chains, pursue self-sufficiency in critical technologies, and inflict trade sanctions on adversaries regardless of global trade rules. But deglobalization has its own long list of costs and dangers, from rising inflation and labour shortages to resurgent protectionism and shocks to the global financial system. Vigorous opposition is needed to highlight those costs and help pull governments back from the more extreme versions of disintegration. It is time for the next generation of critics to find its voice.
My War on Globalism 23
