The Great Disconnect

Description

Despite its excesses and contradictions, globalization has lifted billions of people out of poverty, enabled scientific progress, and reduced conflict. Nevertheless, globalization is going through a deep crisis. Marco Magnani identifies four forces that are fueling the «great disconnect»: economic and technological trends are reshaping global value chains; do-mestic political dynamics are fostering closures in an attempt to protect national interests; external shocks (pandemics, wars, financial crises) are exposing the vulnerability of the global system; geopolitical objectives are encouraging to restrict relations to countries perceived as friends. In such a scenario, politics prevails over economics, regionalization increases, and the instability of international alliances soars, partly due to the proliferation of «free agent» countries seeking strategic autonomy. Fragmentation has high economic costs and it increases the risk of conflict. But it may also trigger a new...

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