After World War II, rising consumerism and a reduction in trade barriers led to an ever more deeply connected and interdependent global economy. As more goods got to more people more quickly, the United States emerged as the world’s undisputed economic superpower.
But in recent years, there’s been a backlash to American-powered globalization. The turmoil and uncertainty unleashed by the financial crisis of 2008 was followed by a rise in populism and protectionism around the world. Recent events, including the Covid-19 pandemic and Russia’s war in Ukraine have exposed further fractures in the global economy. This has led to a debate about an alternative economic order. China’s rapid rise, as well as the establishment of economic alliances like BRICS (Brazil, Russia, India, China and South Africa) have led to speculation that the era of US-dominated globalization could be coming to an end. In this edition of Business Beyond, we ask: has globalization had its day, and if so, what will come in its wake?
00:00 Intro
01:48 A unipolar world, coming undone?
03:48 The big question: China
06:03 An alternative alliance? The BRICS
07:59 Stuck in the middle – India
10:31 Breaking up the old order – Russia’s dream
12:43 The battle of the superpowers – two systems or one?
14:32 Conclusion: A new order?
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globalisation exists since hundreds of years. in 1600 china imported huge amounts of silver from South America, sold ceramics to Europe.. europeans bought huge amounts of spices in India and shipped it to europe.. and so on and on… the only people who are hating globalisation are the people and countries, who are too dumb to make something out of it. look to South Korea, Singapur.. they got rich through globalisation and also the other nations which trading with South Korea profited from their South Korea…
Globalism is certainly is decline. Its a powerful system but like everything needs to be in balance and moderated such that countries are sustainable in their own right; otherwise inevitable recessions become a worldwide set of dominos.
Bejing & Putin united in common resentment towards US.
Globalization is why we are in the situation we are.
The west should have never exported its manufacturing industry.
We must bring it back and all nations must be responsible for its own needs .
The fall of communism ? Lmao the Germans haven't paid attention to anything that's not about them and the ww2 history that lingers .
Time to wake up Germany,
free Edward Snowden, Julia Assange
remember the dead children of Iraq and Afghanistan
The US needs to respect free trade and the globalization. In addition they need to stop their protectionism require Semiconductor Companies to set up Factories in the US while banning other countries companies doing business in the such as Huawei and etc. … when their companies are expanding they are all for free trade, and when they are losing no more free trade 🔴.
when their companies are expanding they are all for free trade 🔴, and when they are losing no more free trade
Where is the freedom of speech one of the YouTube kept on messing with the comment section
Another endless whining how they are not as dominate as before 🤭
Another one of their endless whining how they are not as dominate as before 🤭 after banning Huawei and other Chinese technology companies, and confiscate countless oversea Russiaan private properties who has nothing to do with the war … they're still claims they are free market economy 🤭 we are back to the 17th century British confiscate Spanish and others' Merchant ships era claiming stop Pirates*
Historically, once inflation has gotten above 5% it has never come back down without the Fed funds rate being raised above the CPI. We're either going to live through an exception, or we're going to see some of the highest interest rates in more than 3 decades. Great tips near the end, I totally agree!
China doesn't like US. So why does it want to trade with US.
I don’t have obligation to expose them to truth . Many don’t see me well .
They lack the legal system the western world has. It hinders real free trade for there's no guarantees from China's government. Ask Hongkong etc.
How can you say US gov has a hands off approach on business. They bailed them out of the GFC. America is also the biggest bully in the world.
Hey. We’re all gonna die.
We’re so gonna miss globalization.
If you thought things were bad under capitalism,… here comes non-stop riots, wars & famines.
great episode, like to see more on this global shift
I have never heard worst DW report, clearly approved by US censorship. There are so many "facts" presented falsley that I can't beleive it is not intentional.
Dear All,
would like to share my ideas on markets, inflation and recession.
The Fed fears a recession more than inflation. That’s the reason why quantitative easing and print of dollars was done at gigantic proportions as Covid 19 hit the US economy. Fed comprises and supports rich, not only rich, they support the ultra wealthy people and families. And these families derive happiness from rising wealth feelings. They cannot digest falling real estate and stock values and cannot tolerate other not so wealthy people aspire to become wealthy by acquiring assets when prices fall. Therefore the only way to go for stocks and real estate is up.
Just ponder on the above.
Are you still locking up truth journalists, the journalists that don’t stand up for their fellow journalists are fascist
Problem with India 🇮🇳, she is not trying to get it citizens out property
The US fears competition and that's why China is beating them with ease. God bless China.
Indian petroleum purchase from Russia, is not political but economical. As I see. After covid every economy is cautious. INDIA IS RIGHT NOW FOCUSING ONLY INDIAN ECONOMY. from its stand on Afghanistan and Ukraine it is now obvious
remember we are landing Taiwan not US! what is your fighting for?
Obiden is GLOBAL president not USA president
All Global countries now required to to give all money to UKRAINE
Emerging nation have long been marginalized by the West. With the advent of technology and the ready access to information its just a matter of time that the subjugated countries attain parity. The BRICS and their Allies will become a force to recon with. There will be an alternative to SWIFT to circumvent sanctions and once the former underclass get a taste of the sweet economy that the West have long enjoyed there will be no turning back.
No one likes to surrender their crown or championship belt, but in all things there will emerge someone/something stronger, its all part of evolutionary change. The West have long enjoyed the role of the beauty queen, the idea of her becoming old and wrinkled and now no longer the center of attention have rendered her bitter and vengeful; desperate to hold on to pass glory at any cost.
Interesting, but the background music-noise is too loud, annoying and distracting.
If yall think Trump is an example of populism, you either don’t know what populism actually is or you you’re too chickensh*t to call out fascism for what it is.
Yes and to others comments Globalism has not helped the US as a whole, it has ruined our middle class and created empowered Dictatorships.
I think India has much more in common with the west and really if we had any vision we would of invested in India rather than Communist China
Well, economy itself isn't democracy and who made the rules have advantages and the losers will complain. The Americanized globalization has been going wrong direction, too fast as it was it made confusion. However no need to that dude say "America First" the USA people think that way. No conclusive answer for that but I think China, Russia, BRICS and all the counterparts not to go extremely opposing the rules, it will be needing time to reform…And by power and force to let others to follow their "new rules" will cause another issue, it will be crises to chaos. Money still flies but time will tell and God knows.
Shameless Westerners.
They shall dominate everything, otherwise…blame everthing on their competitors.
Great piece overall, and thanks for the great content… my only criticism is the background music. I think you need to ease it back in the audio mix (probably take some of the high end out too) it started to become a bit distracting towards the end there especially. Other than that, thanks DW! 🙂
The lost rights in Australia alone, should be enough for people to ask. Why should we support business/corporations at all. Blame trump all you want, Blame Putin. But the reality is, media are the real villains. if you stray from their narrative you will we be cast as racist, homophobe or tin hat crazy.
Wisdom speak to the Darkness ! American sanctions and the mafia are slowly but very professionally digging their own grave, humiliating their livestock, their uneducated people !
I don't see quite why we speak of China as a monster for doing what all capitalist countries do – they want to be outstanding and win
what does this mean? ,it means competition to harakiri because now youre more replaceable than ever. yay!!!
Western powers were goods and services for printed papers which had no real values.Furthermore the movements of those really worthless paper were restricted by indebted western bandits.
Putin’s world order is globalization, he want to conquer the world it’s written in a book by Lenin on how communism should take over the world and hint hint it’s by gun point
Competition keeps everyone to work hard, save and improve their individual human condition. No free lunch for those who idle or nato . Support globalization to improve human lifestyle.
The Western world only benefitted and prospered to 1 billion population. The rest of the 6 billions are poor. Under President Xi, the 6 billions people can be benefited if they join hands with China. Most neglected countries are seeing the light to join hands with China.
You deliver excellent content to your audience. It's very interesting material. All of your effort put into creating this video is much appreciated. I'm truly grateful for your help!