Globalization Isn’t Down for the Count

Globalization seemed to be on the ropes. Nationalist politicians had maligned it as the source of closed factories, stagnant wages, and unwanted migrants. Washington had pulled out of international pacts on climate change and trade. The British were abandoning Europe’s grand experiment in peaceful integration.

Recent weeks brought more body blows. The White House turned darkly protectionist, threatening the global trading system. China’s leadership—which sees itself as the patron of globalization—put it at risk by promoting the very industrial policies that fostered anti-trade sentiment in the U.S. and Europe. Italian voters flocked to political parties that rail against immigrants and the euro. Globalization, which helped to flatten the world’s economic playing field, seemed about to be flattened itself.