Globalization: where to?

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One of the questions of main interest in both the political and business communities is whether the business logic of globalization will prevail against the growing geopolitical dynamics of fragmentation.

That is a very controversial topic because while globalization has, generally speaking, led to an improvement in living standards, it has also left the nerves of social stability dangerously exposed.

In other words, while it is true that today we live in societies that are, on average, richer and longer-lived, it cannot be said in fairer societies. What to do next then?

In one of the WEF Forum meetings, IMF Managing Director Kristalina Georgieva suggested: “When you look forward, we need to learn a very important lesson from the globalization of the past. It did not work for everyone and therefore the future ought to be about making benefits localized for communities and being much more mindful that it is not about global profits, it is about local benefits.”

An extended version of this article appeared on La Discussione on 28 May 2022.

(Photo by AFP)

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