The era of ‘high globalisation’ is over
Governments, firms and individuals must work out how to flourish in an age of stronger frontiers and higher fences.
For many, globalisation delivered. The lowering of barriers to the flow of trade, capital and human exchanges enriched hundreds of millions of lives in both material and less tangible forms. But for many, the globalisation of values and unrestricted movement of people proved too much. It sparked resentment of the kind that has found expression in the various forms of ‘populism’ that point to a return to protectionism – in trade as well as ‘values’. Technological innovation has had the same effect, shortening global supply chains and increasing a sense that greater self-sufficiency is both possible and politically desirable. This is the new world. We must adjust and learn how to flourish in it.
Adviser, Strategic Planning DivisionEuropean External Action Service, EEAS