Recent cataclysmic events have put globalization under question more than it ever has been. Between the massive disruptions caused by the pandemic and the war in Ukraine, the world is under pressure to deglobalize and instead move towards localization, not being interdependent and friendshoring, to name a few concepts that have come up in this discourse. But the reality of the world we live is that it is interconnected, hyper-connected in fact, with exports as a proportion of GDP having doubled since 1990, intangibles like data and IP having grown twice as fast as goods since 2010 and cross-border talent migration being at an all-time high. Globalization has by and large been a force for good, increasing education levels and GDP growth and reducing poverty, particularly in low- and middle-income countries.
At this year’s Bloomberg New Economy Forum held in Singapore on November 14-17, Bob Sternfels argues that de-globalization therefore is hardly the answer. Addressing delegates, he proposed a bold vision encapsulated by five clear actions that can be taken to shore up this new version of globalization. Read more about these compelling steps to take here.
