The End of Globalization?
Are we witnessing the end of globalization, the process once deemed as ever-lasting and unstoppable? Dr. Ernesto Zedillo stated that globalization cannot maintain the same pace forever. Although he stated that globalization has clearly lost speed, interdependency between nations must continue by fostering cooperation and coordination.
Dr. Zedillo was our special guest during ITAM’s second Conference on International Studies. He is currently teaching at the London School of Economics and Political Science and is the director of its Center for Globalization Studies. In addition, he has been a professor of economics and international policy at Yale University since 2012.
He shared some research findings indicating a decrease in world commerce growth and a diminished flow of international capital since the 2008 economic crisis. Likewise, he offered information regarding the proportion of migrant population to the total population, which has stalled in the last ten years. Most critically, this process started before the crisis. In addition, there has been a resurgence of nationalistic policies, exclusion of “others,” as well as economic and commercial protectionist policies, as those of the United States.
The irony of the commercial-deficit speech of the United States with Mexico is that it is not damaging the American citizens, contrary to what it is portrayed by politicians: “you can have a commercial deficit with your hairstylist; nevertheless, you are getting a service for a fee, thus profiting from the transaction.” In his closing remarks, he maintained his stance regarding the importance of maintaining interdependence between the nations, promoting cooperation and convergence of countries and regions.