Has Globalization Backfired?

Open to Debate

Education, News, Society & Culture

4.6 • 2.2K Ratings

🗓️ 13 January 2023

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

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Summary

For a period of time, going global just seemed to make sense. But with China’s rise, Covid-19, and the war in Ukraine, words like “localnomics,” “friends-shoring,” and “decoupling” have helped codify a growing movement that calls for less interdependence between economies. Those in favor of a more “deglobalized” system of trade argue that it is not only more environmentally friendly and responsive to regional needs, but also less of a driver of income inequality. Indeed, globalization’s three-decade trend of trade growing at twice the speed of the world economy has not lifted all boats, they argue. For many, including middle income populations in the industrialized west, it has backfired. Deglobalization is a welcome a shift. Others disagree. Globalization’s virtues are unmistakable, they say, resulting in less poverty and higher incomes across the world. People once cut off from markets benefit from new connections in commerce, culture, and communications. For them, it has not backfired. In fact, in the face of political challenges and volatile markets, more regionally-focused trade constitutes a dangerous circling of the wagons. In this context, we ask the question: Has Globalization Backfired? John Donvan, Host and Moderator, Intelligence Squared U.S. Arguing “YES” – Rana Foroohar, Global Business Columnist, Financial Times; Author, “Homecoming: The Path To Prosperity In A Post-Global World” Arguing “NO” – Parag Khanna, Founder & CEO of Climate Alpha and Founder & Managing Partner of FutureMap Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	This episode is brought to you by Slack. With Slack, you can bring all your people and
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0:26.9	Slack.com slash DHQ.
0:34.9	Hi everybody, I'm John Donovan. Welcome to Intelligent Squared and a debate we are putting
0:39.0	on in partnership with YPO Edge in New York City, a gathering of CEOs and organization leaders
0:45.2	who certainly understand, well, this statement that I now put before you. Sometimes, an idea
0:50.8	that is meant to make things better actually works out really well. And sometimes, not
0:56.5	so much, and there can even be unintended bad consequences. So how has it gone with the
1:02.1	idea known as globalization? The promise was that globalization by removing barriers to
1:08.5	trade between nations and letting technology and people and ideas move freely across
1:13.0	borders was going to benefit everyone by producing greater efficiencies and more innovation.
1:19.7	That was the promise. The reality, after some 30 to 40 years of an ever more globalizing
1:25.9	world, is at least debatable. So that's what we are going to do. We're going to debate
1:30.9	it by having two debaters get up on this stage and each answer, yes or no, to this question,
1:36.4	has globalization backfired. Let's please meet our debaters. First, she is global business
1:41.9	columnist for the Financial Times and author of Homecoming, The Path to Prosperity and a
1:47.3	Post-Clobal World. Please welcome Rana Farohar. And he is founder and CEO of Climate Alpha
2:01.3	and founder of Managing Partner of Future Map. Please welcome Paragkana. We want to find
2:14.1	out which side each of you is on on the question. I'll go to you first, Paragkana, on the question
	...

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