Globalization 2.0—A New Synthesis

PGIM Fixed Income

May 2020

By Nathan Sheets, PhD, Chief Economist and Head of Global Macroeconomic Research

The prospects for globalization have shifted appreciably. The shrinking of “effective distances” has slowed and, in some dimensions, even reversed. Globalization is now criticized in many quarters as having failed to deliver on its promises—in terms of both the pace of growth and the distribution of gains across society.

We expect that these outcomes will, over time, lead to a new synthesis and, likely, to a reframing of globalization.