Forbes posted a well-reasoned, persuasive article on Thursday, May 21, 2020, titled: “Face it, China-led Globalization is Coming to An End, ” by Senior Contributor Kenneth Rapoza. China-led globalization may be over, but it is most unlikely that globalization is. Supply chains will diversify, trade as a percentage of GDP may decline for some countries, but the classical arguments for trade still hold.
Even the most diversified economy will find it advantageous or necessary to import some things from abroad. The coronavirus pandemic has made it clear that everyone shares one world. National borders mean little or nothing. Nationalism is an archaic and anarchic concept that autocrats invoke to enhance their power and standing with their subjects. Yet it’s a losing ploy. Just as Covid-19 swept across borders with astonishing insouciance, so too will borders be no hindrance to the coming depredations of a climate gone rogue, a killer climate that all nations must unite to mitigate — if nations survive the upheavals that are certain to befall humanity as temperatures soar past human tolerance, crop failures lead to widespread hunger, and rising seas displace billions of migrants seeking refuge and hope. Yes, globalization will change, but it will endure because it has long benefited mankind and is necessary for the success of the human experiment. Without it, we will fail, and go the way of the dinosaurs.