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Deep globalisation, deglobalisation, reglobalisation: megatrends now shaping the future of re-emerging markets

International Social Science Journal (Chinese Edition)

No.1, 2017

 

Deep globalisation, deglobalisation, reglobalisation: megatrends now shaping the future of re-emerging markets

(Abstract)

 

Marcos Troyjo

 

As the world transitions from “Deep Globalisation to Deglobalisation”, economic policies based on a “Doctrine of Local Content” or “Local-Contentism” take center stage. As a consequence, the global economy underperforms. The present text examines the trajectory of globalisation over the past 25 years and what the world should look like in scenarios projected all the way to 2030. The author reviews the “Deep Globalisation” made possible by the end of the Cold War and how the period was guided by the values of the market economy and representative democracy, the prominence of the U.S., the rise of Asia headed by Japan and the logic of regional economic and political integration. Then he shows how we are now running a “risk of Deglobalisation” - the West in check, U.S. in existential crisis, the emergence of China and a rebirth of the Nation-State as the dominant actor in the global scene. This dynamics is now marked by a logic of “everyone-one-for-himself” in which countries restructure their strategies into protectionistic and individualistic actions.