Globalisation: Good-bye to the Hype

Delivering sustainable economic growth
Posted Jun 09, 2020 | Gateway House, Frank Schell

Globalisation has resulted in the interdependence of nations through the largely unimpeded transmission of investment capital and information, and integrated business operations. The leading beneficiaries have been the global ‘one percent’, and China, argues Frank Schell in this article for Gateway House. He suggests that while a roll back of the interconnected world order is impossible, globalisation in its present form will recede, as will China’s standing in the world. As the U.S., Europe, India and Japan see the need to dilute their commitments in China, and to restructure manufacturing and distribution, China’s efforts to write the rules of trade and investment, challenging the U.S. and Europe, will meet with resistance. Also, China’s aspirations for economic hegemony will be diminished, as countries now subscribing to its Belt and Road Initiative become skeptical of indebtedness to China. He suggests that Europe, which has long favored commerce over security considerations, is slowly becoming more of a mind with the U.S. and Japan.


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