How technology is changing the path of globalization and what leaders can do to be successful on the winding road
There’s been a lot of debate and chatter about deglobalization and increased nationalism. While we have seen an increase in national pride or loyalty, globalization statistics show that it isn’t going away. It is, however, morphing and becoming more complicated. When we look at global trade for example, international trade in merchandise and services continues to grow. According to the United Nations Conference on Trade and Development (UNCTAD)s Global Trade Update published in February 2022, the value of global trade reached a record level of $28.5 trillion in 2021 – 13% higher compared to 2019 before the pandemic struck.
But globalization has changed, and there are bumps along the way. Over the past three decades, governments have been focused on attracting foreign investment, bringing down barriers, creating similar standardized universal laws and regulations, and so on. Increasingly, especially in developed countries, governments are now more focused on the implications of open borders in trade for other priorities of society.
[This article has been reproduced with permission from Knowledge Network, the online thought leadership platform for Thunderbird School of Global Management https://thunderbird.asu.edu/knowledge-network/]