Navigating the deglobalized “new normal” post COVID-19.
This podcast episode was recorded on 13 October 2020.
James Crabtree, Associate Fellow, Asia-Pacific Programme, Chatham House; Associate Professor in Practice, Lee Kuan Yew School of Public Policy, National University of Singapore
Alicia García-Herrero, Senior Fellow, Bruegel
The AIG Global Trade Series 2020 examines the ongoing transformation of the world’s multilateral trading system.
Since the financial crisis of 2008 there have been many confident predictions that we are seeing the “End of Globalization”. A process of growing economic interconnectedness which had raised millions from poverty worldwide seemed to many to be stalling, even going into reverse, as protectionism grew in many countries and the US and China began to de-couple their economies. The pandemic has only accelerated this shift by triggering a backlash against long, vulnerable supply chains. It has also exposed the weakness of multilateral institutions and so raised the spectre of a deglobalized world of trading blocs and barriers.
In this podcast, moderator Rem Korteweg of the Clingendael Institute is joined by James Crabtree, Associate Fellow, Asia-Pacific Programme, Chatham House; Associate Professor in Practice, Lee Kuan Yew School of Public Policy, National University of Singapore; and Alicia García-Herrero, Senior Fellow, Bruegel. Listen as they discuss the political forces driving deglobalization, including technological innovation as well as geopolitics, and what a less connected “new normal” might look like.
Was the pre-pandemic model of hyper-globalization effective and sustainable? Who will be the economic winners and losers in a deglobalized world? To what extent can multilateral organizations be renewed and countries spared the necessity to choose sides in a zero-sum G-2 decoupling?
The Global Trade Series is a collaboration between AIG and the following international organizations with leading expertise on global trade: Georgetown Law, Institute of International Economic Law; Chatham House; the Clingendael Institute; the International Chamber of Commerce; the Delors Institute; the Lee Kuan Yew School of Public Policy, National University of Singapore, and the Bertelsmann Stiftung (Knowledge Partner).
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