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The End of Globalization?

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The End of Globalization?

What Russia’s War in Ukraine Means for the World Economy

Foreign Affairs,

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The Russian invasion of Ukraine has serious, long-term implications for the global economy.

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Russia’s war against Ukraine is hastening the decline of globalization, economist Adam S. Posen warns in this intriguing essay, a decline he notes has been going on for decades. Fewer opportunities for growth will likely result, constraining investment opportunities, raising food and energy prices, and delaying shifts to clean energy. But Posen’s sobering analysis does offer a small bright spot: These prospects might jar governments into again collectively promoting the shared values of political and economic freedom.

Summary

The decline of globalization has been underway for decades.

Restrictions and obstacles began fraying global supply chain connections at the start of the 21st century. Nativism has hindered free trade and immigration, and China’s disregard for the global financial order has engendered a backlash from the West. Since 2016, both the Trump and Biden administrations have been returning manufacturing to the United States under the guise of national pride and security.

Moscow’s 2022 aggression against Ukraine and the West’s broad sanctions on Russia in retribution are accelerating a breakdown in global economic integration...

About the Author

Adam S. Posen is president of the Peterson Institute for International Economics.

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