Are we heading towards a deglobalised economy ?
Are we heading towards a deglobalised economy ?
Within the space of five years, the world economy has gradually been put out of balance by new dynamics. These include Donald Trump, the Covid-19 pandemic and the ‘special operation’ in Ukraine, which has resulted in trends of protectionism, shortages and inflation. Should we interpret these signs as being the start of deglobalisation?
Protectionism
One thing came out of Donald Trump’s election in 2016: it revealed the divergences between the United States and China on trade issues. The economic war that was subsequently declared had nevertheless side effects for the West. In this context, the reactivation of the “America First” doctrine exacerbated the protectionist reflex, and with it the repatriation of means of production and capital, to the great displeasure of Western allies to the US.
Shortage
In 2020, the Covid-19 pandemic, which has accelerated the trend towards inward-looking attitudes, also highlighted the logistical issues of our globalised economy. When ports and factories are at a standstill, shortages appear at all levels, especially in staple products. This tends to call into question our globalised production chain model in a context that is already tense…
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