not for massive government bailouts, the system would have collapsed
and more sensitive to the fact that economic globalisation has far outpaced political globalisati
however, is that this organic and self-interested shift away from globalisation by people and firms will be compounded by some policymakers who exploit fears over open borders.
under the guise of self-sufficiency and restrict the movement of people under the pretext of public health.
World War I and the global economic depression in the early 1930s ushered in the demise of a previous era of globalisatio
European debt crisis, Brexit, and the US-China trade war
The post-coronavirus financial architecture may not take us all the way back to the pre-globalisation era of Bretton Woods, but the damage to international trade and finance is likely to be extensive and lasting.
gap between rich countries (along with a few emerging markets) and the rest of the world
the world will continue to be over-reliant on the US dollar for financing and trade.
economic nationalism will increasingly lead governments to shut off their own economies from the rest of the world
entral banks. The European Central Bank has declared
In sectors like retail, already under fierce pressure from online competition, the temporary lockdown may prove to be terminal.
fiscal effort since World War II
first round may not be enough.
The American population has lost faith in globalisation and international trade
1842 to 1949
cut it off from the world.
the past few decades of economic resurgence were a result of global engagement
They believe they can compete anywhere.
If its primary goal is to maintain global primacy, it will have to engage in a zero-sum geopolitical contest, politically and economically, with China.