having both fans And detractors alike, globalization is at stake like Never seen before one-Two punch of The coronavirus pandemic and the Ukraine war.
was the epidemic already Raised questions about world adoption on economic model who broke trade barriers but made countries To rely heavily on each other where the place of production has been canceled over contracts.
companies were struggling to be twins with Major bottlenecks in The global Suppliers.
Russia’s war in Ukraine has raised concerns about further unrest, with Everything from power supply to auto spare parts for export of Wheat and raw materials Under threat.
Larry Fink head of financial The Black Rock giant, frankly: “The Russian invasion of Ukraine has put an end to the globalization we have lived through over The last Three decades.”
“we had already Communication between countries and companies has been seen and even people tensed for two years of epidemic,” Fink wrote in letter to shareholders on Thursday.
But US Treasury Secretary Janet Yellen disagrees. “I really have to pay back on This,” she told CNBC in Interview.
We are deeply involved in The global economy. I expect to remainIt’s something that has brought benefits to the United States and many countries about the world. “
‘evolving animal’
shortage of Surgical masks at first of epidemic in 2020 has become a symbol of The world accreditation on Chinese factories for all types of goods.
The conflict between Russia and Ukraine has raised concerns about food shortages around the world, with the two agricultural powers among the main breadbasket of The world.
she has also highlight on The heavy dependence of Europe – especially Germany – on Gas supplies from Russia, now a country under stifling sanctions.
“number of Weaknesses’ appeared show border of The spread of supply chains out in Different locationsThe former director-general of Pascal Lamy told Agence France-Presse (AFP) that the World Trade Organization.
The global trade EU tensions pushed, for For example, to obtain “strategic autonomy” in critical sectors.
output of Semiconductors – the microchips that are vital to industries ranging from video games For cars – now a priority for Europe and the United States
The epidemic has not brought extremism changes in terms of Resettlement (Bring back business From overseasVerdi de Vil said, professor at the Ghent Institute for International and European Studies.
“But this time it may be different because (the conflict) will have an effect on how Companies think about their investments decisionstheir supply chains.
“They realized that what was unimaginable before past The month is now realistic, in terms of “Punishments are far-reaching,” author de Ville said. of article on “the end of globalization like us know He. She.”
The goal Now he is redirecting strategic dependence towards allies, which he coined as “friends support” instead of “off- Authorship.
The US-EU agreement on Friday to create a mission force to wean Europe off reliance on Russian fossil fuels are the latest example of this of Support friends.
Lamy, this shows “There is no retreat from globalization.” He said that globalization is “a much-evolving animal”.
separation from china
globalization was already faced existential crisis when former US President Donald Trump launched a trade war with China in 2018, running tit-forTt exchange of punitive tariffs.
His successor, Joe Biden, summoned need for “buy American” in comprehensive investment planrebuild USA.”
“We will buy American made sure Everything from the deck of steel aircraft carrier on highway guardrails made in USA ” in his state of Union letter.
One of the concepts that emerged during the Trump years was “disengagement” – the idea of Untangling the American and Chinese economy.
The threat did not subside, in particular with China refuses to condemn Russia invasion of Ukraine.
The United States warned world’s second- the biggest economy Will be face “Consequences” if it provides material support to Russia in its war in Ukraine.
China already He had other contentious issues with The West, like Taiwan, is a self-governing democracy, which Beijing has vowed to seize one Today, by force If necessary.
“not in China’s interest, for Now, to go to competition with “West,” Xiaodong Bao said. manager at Edmond de Rothschild Asset Management.
But the war in Ukraine is a chance for China reduce reliance on United State dollar. The Wall Street Journal reported that Beijing in talks with Saudi Arabia to buy oil in yuan instead of dollar.
China will continue build establish for The future said Bao financial The chapter is accelerating.”
