Globalization minus One: The Emerging Contours of a New Global Economic Order

Abstract

Disruption induces disequilibrium. Today’s global economy is the case in point. Powerful sources of disruption are undermining classic premises of global economic equilibrium and, in the process, changing the contours of the World economy. Long cherished globalization premises of free market,   open economy,   small government, private initiative and deregulation are being challenged. Sources of this challenge are numerous but the most striking is the recent rapid and abrupt USA reclusive and isolationist measures.  The United States, the key global economic player, is assuming a protective posture by introducing tariff barriers, annulling international trade agreements, promoting self-serving job creation slogans and hastily recalling industries and services.  And all this is uttering threats of crude retaliation.  National interest seems to have taken precedence over cross country gains. And others seem to be working on a new framework:  globalization minus one. A globalization that is based on new premises and involves the majority of global economic players but one:  the United States. This will be the focus of the following article.