Globalisation Declines as US Influence Waning Risks Financial Crisis

Globalization, which has driven unprecedented economic integration and growth for centuries, is currently in decline, a trend exacerbated by recent political and economic shifts. Historically, critiques of globalization emerged primarily from the left, focusing on its unequal benefits and negative impacts on developing countries and workers, as well as environmental and cultural concerns, exemplified by protests like the 1999 "Battle of Seattle." In the United States, concerns about job losses and wage suppression led to protectionist sentiments that gained traction across the political spectrum, including radical right opposition to international organizations seen as threats to American sovereignty. The economic rise driven by globalization is now challenged by new technological advancements and shifting global cooperation, raising questions about job displacement due to automation and the need for digital literacy. While globalization has brought vast economic growth, including a massive increase in global trade and investment since the 17th century, recent trends signal a retreat that could have significant implications for global economic dynamics and power structures. These developments underscore the complex, evolving nature of the global economy and the multifaceted debates surrounding its future trajectory.