What might the coronavirus crisis entail for the future of globalisation?
Philippe Legrain, founder of international think tank the Open Political Economy Network and a former economic adviser to the president of the European Commission, is not confident the current crisis will lead to any renewed commitment to globalization.
He believes the international response has been much less coordinated compared with that to the global financial crisis, when the G20 came up with an unprecedented rescue package.
“There has been very little international cooperation during this crisis. Most governments have acted unilaterally. Even within the European Union, countries have failed to respond to Italy’s urgent request for medical supplies, although China did,” he said.
“The closure of borders, the restrictions on trade－such as India’s with pharmaceutical exports－and the perception of foreigners as vectors of disease are all creating more national economies and more nationalistic politics.”
Later, I discuss the potential for new forms of globalisation.
“Globalization exists in a political context. In the 19th century, it largely took place within European empires. In the 20th century, it took place through US-backed international institutions, and in the 21st century, it may exist within China-centered institutions such as the BRI,” he said.
Read the piece.