The global economy is fracturing as countries assert sovereignty, which was repressed during globalization. The reasons are many but one is clear. No one really thought it through in terms of pros and cons, and costs versus benefits. Now the historical dialectic has swung in the other way in correction.
SCMP
China passes anti-sanctions law that ‘can target individuals, families, organisations’
SCMP
China passes anti-sanctions law that ‘can target individuals, families, organisations’
Sarah Zheng and Tony Cheung
Also
Notice the different spin.
China passes anti-foreign sanctions law
AFP
3 comments:
Globalization is on its way out.
In an ideal world, foreign trade would be voluntary, instead of coerced.
An effective antidote to sanctions is networking.
Peter Pan,
Globalization is on its way out.
Trading blocs. This article by Visual Capitalist today.
RCEP Explained: The World’s Biggest Trading Bloc Will Soon be in Asia-Pacific
Free trade is voluntary ~ you don't have to be a part of an agreement.
Trading bloc is coerced/incentivized trade ~ requires agreement.
Globalization has never been about free trade.
It is an assault on national sovereignty.
It encourages consumerism.
Trading blocs represent the competitive aspect of national sovereignty.
Protectionism goes a step further, sacrificing competitiveness in favour of self-sufficiency.
I'm seeing a protectionist future, as civilization enters its decline.
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