The global economy has faced intense and difficult challenges in recent years. A virus froze it, inflicting the worst recession ever suffered in peacetime. The war in Ukraine has opened a new era, and when the first Russian missile took flight, energy and commodity prices began to rocket. Thus galloping inflation was unleashed.
Because of the invisible enemy, Covid-19, and the highly visible Russian military, value chains have frayed and challenged productive globalization. At the same time, and as a reaction, an acceleration in clean renewable energy production has been triggered. As a result of all these factors, there are those today who wonder whether globalization, at least as we have known it and discussed it in recent years, has not come to an end.
What is beyond doubt is that it is changing in terms of its modes and intensity. A few years ago, in 2017, Donald Trump declared a trade war on China. Now Joe Biden is not only staying on that course, but has passed legislation based on climate nationalism to work the transition to a decarbonized economy.