The globalization backlash: A new world economic order? | Business Beyond

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After World War II, rising consumerism and a reduction in trade barriers led to an ever more deeply connected and interdependent global economy. As more goods got to more people more quickly, the United States emerged as the world’s undisputed economic superpower.
But in recent years, there’s been a backlash to American-powered globalization. The turmoil and uncertainty unleashed by the financial crisis of 2008 was followed by a rise in populism and protectionism around the world. Recent events, including the Covid-19 pandemic and Russia’s war in Ukraine have exposed further fractures in the global economy. This has led to a debate about an alternative economic order. China’s rapid rise, as well as the establishment of economic alliances like BRICS (Brazil, Russia, India, China and South Africa) have led to speculation that the era of US-dominated globalization could be coming to an end. In this edition of Business Beyond, we ask: has globalization had its day, and if so, what will come in its wake?

00:00 Intro
01:48 A unipolar world, coming undone?
03:48 The big question: China
06:03 An alternative alliance? The BRICS
07:59 Stuck in the middle – India
10:31 Breaking up the old order – Russia’s dream
12:43 The battle of the superpowers – two systems or one?
14:32 Conclusion: A new order?

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#Globalization #Pandemic #UkraineWar

Comments

peter mannix says:

This would not happen if the Republicans were in the WH. We have very weak leadership now: Joe Biden.

Andrew Areva says:

Is it weird or just me that a 20 min documentary didn't ask a single Chinese person or someone who every looks like they speak and read Chinese.

Barry Shaw says:

The Western Europeans got their wealth by looting the global Southern countries for hundreds of years, simple as that. The USA did the same, no getting around it. Now BRICS + is the future and hopefully a more peaceful world will emerge. That’s tuff for the West too admit but we’ve done some incrediblely evil things for profit.

JMCH Ng says:

Remember….time changes and so people (world). Whatever system that worked well in the past may no longer feasible today or may become totally obsolete by tomorrow.

Me Alien says:

china is the enemy of the free world the west should cut ties with them asap.

Cindy Weatherly says:

50 Reasons Why We Are Living In The End Times, Dr. David Reagan, CHRIST in Prophecy Ministries ( YouTube)

William of Y says:

I am a recent college graduate. I have a degree in Finance and a minor in Economics. My college really pushed the idea of globalization. I brought up to my professor that there is a serious weakness in this line of business. We are assuming we will not have countries we deal with becoming bad actors. Now we have Russia…:P

Bv Kronenberg says:

Globalization is very bad for the American middle class. Trump 2024.

Arational says:

The Just In Time supply chain could not withstand the challenges of the last couple of years.
Manufacturers will need to hold inventories of components and raw materials to not get caught again.
They can certainly afford to do that now with the windfall profits. There will be a lot of warehousing built.

Global Citizen says:

Simple reason.. when you're dominating partner, you would love to do free trade and globalzation. When you're losing the edge, You want to go close this bridge. Thisn't news.

Deebil says:

The U.S. has tried to play nice with China for many years, yet they have become more and more hostile towards other countries. It's pretty evident that their is no future with China, so the decoupling is inevitable. Over the next few years, western countries will have to slowly pull their manufacturing out of China and move to other countries with cheap labor. The investment capital will follow suit and China will be a shell of itself today within 5 years. China does not have the capability to be self sufficient. They have no natural resources and have to import everything, including food. Once all the manufacturing leaves, China will have nothing. 30% of their GDP is dependent on the real estate ponzi scheme they set up. That will of coarse collapse soon. The only real part of their economy is exporting manufactured goods. Once that leaves, China will collapse.

Catalium says:

China's Chinese name means Country in the Center. They view everyone else as barbarians.

Mohan Chandra says:

the fer of the yellow peril clearly seen here!!!

Ed Fast says:

The closing statement is so powerful! “ Blind faith in globalisation has come to an end.” The question is why and who propagated it? DW that would be a good expose as a follow up to this one.

zionen01 says:

Trump did some major pushes to decouple from China and it was not harmful, perhaps painful as some items were higher priced. China is the biggest beneficiary under the current system, far more than USA, China desire of change come from military position more so than economic but one will hurt the other. The USA has become complacent and Americans freak out when there's something they're unable to purchase so some pain may be good for USA because it really wouldn't suffer so much as it would bring Americans down to earth.

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