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Is globalisation going to unravel?

Two years ago I argued in Prospect that globalisation was too deeply embedded to be reversed. Do I now need to reconsider?

By Barry Eichengreen  

©Meriel Jane Waissman/Getty Images

About two years ago I was asked by Prospect to write a piece on whether globalisation was over. My conclusion then was that the answer was no. Globalisation had simply gone too far, I argued; it’s too deeply embedded; producers rely too heavily on trade and global supply chains to kill the golden goose.

To be sure, I acknowledged that the era of hyper-globalisation—where the volume of cross-border transactions grew significantly faster than the production of goods and services—was probably over. Improvements in communications technologies…

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