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Podcast: Open to Debate
Episode: Has Globalization Backfired?
Description: For a period of time, going global just seemed to make sense. But with China’s rise, Covid-19, and the war in Ukraine, words like “localnomics,” “friends-shoring,” and “decoupling” have helped codify a growing movement that calls for less interdependence between economies. Those in favor of a more “deglobalized” system of trade argue that it is not only more environmentally friendly and responsive to regional needs, but also less of a driver of income inequality. Indeed, globalization’s three-decade trend of trade growing at twice the speed of the world economy has not lifted all boats, they argue. For many, including midd...