Globalization, De-Globalization and Re-Globalization: Some Historical Context and the Impact of the COVID Pandemic

Abstract

The COVID-19 pandemic has exposed many of the weaknesses in our current systems of government and commerce. In this essay I provide some historical context to the recent era of ‘hyper-globalization’. I then present multiple factors---economic, social, political, technological and governance-related---that collectively explain why globalization has peaked and is on the retreat. Following this, I use the analogy of a three-legged stool to explain the importance of recalibrating the economy, state and society so as to realize a healthier alignment among them. Finally, I look at where globalization might be going next and the implications for firms, concluding with some lessons that we can take away from the COVID crisis.