The threat of de-globalisation

Globalisation is usually defined as increased international trade in goods and services and international financial flows. But globalisation is also people flows (international migration), knowledge and information flows (through mass media and the internet), pandemics (which now spread much faster because of increased international travel), and environmental degradation, which goes across national boundaries (global warming in particular, which is a new element we were not aware of before).

The mass media, many governments, and large parts of the population are railing against globalisation. On the specific issue of international trade it is noteworthy that whereas 30 years ago most people in advanced countries had a positive view of trade, while many in developing countries had a negative view, the perceptions are now the opposite. Most people in advanced countries think that trade has had negative effects on their wellbeing while most in developing countries think that it has been beneficial. The reaction against trade in developed countries appears to be linked to a strong perception that trade has led to job losses.

There has also been a growing anti-immigrant sentiment in Europe, the US, and Australia. In Europe this sentiment has been exacerbated by the large inflow of refugees from countries being torn apart by war, such as Afghanistan, Iraq, Sudan, and Syria. But also, many economic migrants from Africa and the Middle East have come to Europe in the last five years. In the US antiimmigration sentiment has been increased by fear stoked by President Trump that terrorists as well as criminals may be imbedded in migrant inflows.