Future of Globalization: Foreign Policy

The Covid-19 pandemic exposed society’s dependence on globalization and the challenges. Trade went from predictable to uncertain as nations blocked and confiscated protective medical gear and other needed supplies. Leaders worry about similar disruptions for food or other necessary products. “But the crisis that globalization faces has roots that go far deeper than the current pandemic,” explain Henry Farrell and Abraham Newman for Foreign Policy, emphasizing the myth of a “golden age” for free-market capitalization. Firms relied on hyperglobalization to achieve efficiency and market dominance, “But these trends also generated systemic vulnerabilities, imperiling fragile supply chains in times of crisis and tempting governments to target dominant companies for their own advantage, creating new risks for citizens and states.” The authors argue that unregulated globalization is dangerous, and leaders must strive to prevent problems rather than letting them happen and then find solutions. Prevention may seem costly, but saves in the long run. The authors propose improving systems to mitigate risks and more importantly envision and design a global society that is resilient, eliminating exploitation while focusing on common problems, prioritizing safety and prosperity for all. – YaleGlobal

Future of Globalization: Foreign Policy

The pandemic proved, once and for all, that the world can’t be flat, but global trade can recover – if we rewrite the rules
Henry Farrell and Abraham Newman
Tuesday, July 7, 2020

Read the article from Foreign Policy about the urgency to envision and create a new form of globalization that works for all.

Henry Farrell is the Stavros Niarchos Foundation Agora Institute professor at the Johns Hopkins School of Advanced International Studies.

Abraham Newman is a professor in the government department and the Walsh School of Foreign Service at Georgetown University.

Reducing Tensions Over Globalization   Stress test supply chains. Design new transparency requirements Acknowledge globalization’s complexity and identify risks. Develop approaches to global problems before they destroy systems. Provide incentives to scientists and other staff and ensure products are available to all. Give global agencies power to investigate when states are deceptive or cause cross-border harm. Improve enforcement and encourage domestic interests to realign around solving global problems
(Source: Recommendations, Henry Farrell and Abraham Newman, Foreign Policy; image, TrueMitra – FreeVectors.com)