Globalization 2.0—A New Synthesis

By Nathan Sheets, PhD, Chief Economist, Head of Global Macroeconomic Research for PGIM Fixed Income

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. The economic expansion in the aftermath of the global financial crisis, although distinguished by its longevity, brought growth rates that were more muted than those following other downturns.

 

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