Does COVID-19 really mean the death of globalisation?
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Globalisation has dominated the world economy for decades, but COVID-19 represents an unprecedented threat to the international trading system.
By George Yip
For a long time, the globalisation of business was accelerated by key geopolitical events: the gradual opening of China from 1979, the fall of the Berlin Wall in 1989, and the formations of the European Union in 1993 and of NAFTA in 1994, to name just a few.
Since then, the unequal distribution of the rewards and costs of globalisation, especially within developed countries, has led to two major political events that have started to reverse certain aspects of this system: the election of US President Donald Trump – a protectionist and anti-internationalist leader – and the United Kingdom’s vote to leave the European Union, both in 2016.
‘COVID-19 is probably the greatest peacetime disruptor of globalisation in the history of the modern world’
Other phenomena have also triggered calls for the reversal of globalisation. For e...
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