Sunday, July 23, 2023

Why Globalism Failed

 From Spiked-Online:

Not so long ago, the West was captivated by visions of the ‘end of history’. Francis Fukuyama, Thomas Friedman, Kenichi Ohmae and others envisaged the permanent triumph of a global neoliberal order. They foresaw the emergence of a system controlled by an ever-expanding army of technocrats and professionals, concentrated in a handful of great cosmopolitan cities, riding on ‘advanced’ industries and services.

That world has been turned upside down. Today’s world – divided by geopolitics – looks closer to the one conceived by Samuel Huntington in his 1993 essay, The Clash of Civilisations.

Nations, it turns out, do not share the same worldview. Russia has turned inwards, adopting an ever more quasi-Tsarist, Orthodox pose. China, having used capitalism and capitalists to achieve its greatest power for a half-millennium, is now reverting to a model indebted to both the imperial past and Chairman Mao. In other parts of the world, primitivist urges, whether Islamic or evangelical Christian, have reasserted themselves.

It is countries like China, not the avatars of liberalism, that are now clearly ascendant. Over the past 20 years, the share of the world economy controlled by the G7 (Canada, France, Germany, Italy, Japan, the UK and the US) has shrunk from 65 to 44 per cent. Today, China produces almost as many manufactured goods as the US, Japan and Germany combined. This is one reason why there are now more billionaires in Beijing than in New York City.

Amid a generally weak global economy, the fastest growth now takes place in India, as well as resource-rich Saudi Arabia and parts of Africa. In terms of purchasing power, the combined wealth of the Global South-dominated BRICS nations – Brazil, Russia, India, China and South Africa – surpasses that of the G7. (Read more.)

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