Claims that the war in Ukraine means globalisation is dead do not match the reality that many see, especially in Asia.
First, it was the financial crisis. Then Brexit and the election of former US President Donald Trump. Next came a trade war and a pandemic. The war in Ukraine is only the latest event to trigger a wave of claims that globalisation is dead.
Cross-border investment also surpassed pre-pandemic levels last year, swelling to $US1.65 trillion. China, in particular, is more integrated into the global economy than ever. In 2021, its foreign direct investment inflows rose by a third to an all-time high of $US334 billion. In the first quarter of this year, they grew by more than 25 per cent year-on-year.
Why then do so many pundits still think globalisation is dying? In part, they appear to be fixated on a particular set of US-centric neoliberal ideas about globalisation that prevailed after the Cold War.columnist David Brooks calls “convergence globalisation” — the idea that as countries became more globalised and developed, they would become “more like us in the West”.In reality, as scholars Heather Berry, Mauro F. Guillén, and Arun S.
The second neoliberal assumption about globalisation shattered by the war in Ukraine is the belief that market liberalisation would launch a virtuous circle of peace, prosperity and openness, entwining the economic interests of states until conflict between them became unthinkable.
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