Slowbalisation – is globalisation slowing down?
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Slowbalisation – a phenomenon which involves a slowing down of the pace of global integration.
In recent decades globalisation has become so dominant that we often assume the process is never-ending. Between 1970 and 2008, world exports as a share of GDP rose from 13% to 31%, and it seemed that globalisation was an unstoppable force.
However, since 2008, something unexpected has happened. Exports as a share of GDP has flatlined and even started to fall. Other metrics show a similar fate, a fall in global bank loans, foreign direct investment has fallen quite sharply and multinational’s share of profit has decreased.
Covid has further brought into question more aspects of globalisation, such as international travel.
Of course, we still live in a very globalised world, and other metrics such as – internet use, and international phone call measurements, globalisation continues to intensify. But, in terms of trade and the movement of people, we may have reached peak globalisation.
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