Decline of Globalization Will Make Our Planet Less Prosperous and More Unlivable

By William R. Rhodes and Stuart P.M. Mackintosh

World leaders should be searching for diplomatic and economic solutions, co-writes AS/COA Chairman Emeritus William R. Rhodes for South China Morning Post.

When world powers and their economies clash, driven by national ideological differences and geopolitical goals, cooperation and coordination withers and trade – reliant on common norms, openness, and engagement – shrinks. Economies shrink too, as supply chains strain and break, and sanctions block the transfer of goods and goodwill.

The severe and potentially long-lasting historical clash between a dominant United States and a rising China is complicated and made worse by the war launched by Russia in Ukraine. Taken together, these events risk the end of globalization, the shrivelling of trade flows, and a slowing of economic growth, as costs and tariffs rise, and companies’ forecasts and plans stall.

Much of what world leaders need to achieve requires collective action, coordination and agreement, not discord and dispute. Yet, today, the outlines of a trade, tech and cold war are visible. […]

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