Will the Coronavirus Bring the End of Globalization?
Over the past week, the coronavirus has gone from an Asian contagion with ripple effects on international supply chains to a global pandemic that will plunge the whole world into recession. Travel has been halted across the globe. Borders are shut. Hundreds of millions of people are in effective lockdown in the European Union, and the U.S. is heading in that direction. The crisis has erased trillions of dollars from global stock markets and imperiled the future of millions of small businesses around the world, along with the livelihoods of vast numbers of wage earners.
In the months ahead, we are likely to see one of the sharpest economic contractions on record, and the downturn will undoubtedly serve as yet more evidence for those who have argued in recent years that globalization is coming to an end, or at least being rolled back. Nicolas Tenzer, chair of the Cerap think tank in Paris, argues...
