Experts from academia, the private sector, think tanks, and the media point to these indicators as evidence of the end of globalization. They also point to factors such as growing trade protectionism on one hand and the increasing cost of labor in emerging markets, which is leading to the reshoring of manufacturing, on the other. We, however, take a different view. We think that rather than signaling the death of globalization, the decline in the traditional metrics signals the birth of a radical new phase of globalization—one that rebalances geopolitics with geoeconomics.
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