Reimagining Globalization: Plausible Futures

This chapter takes stock of the corpus of knowledge about reimagining globalization. It also proposes an analytical framework for discerning future globalizations. The framework consists of a set of dyadic markers: globalization and deglobalizaton. Between these rival narratives are four subnarratives: hyperglobalization, antiglobalization, alterglobalization, and reglobalization. Each subnarrative has moments when its appeal grows and then dips. In order to interrogate these powerful narratives, I examine historical trends, what explains them, and the extent to which they are objectified. This is a matter of who gets their story told. Whose and which knowledge comes into play?

Empirical evidence reveals that the levels of global connectedness lie somewhere between what the enthusiasts of hyperglobalization claim and what the proponents of deglobalization seek, amid deep and shallow globalization. The slowdown in the global economy in the 2020s does not signify a retreat from globalization. The data rather show sustained interconnectedness of nations and dependence on overseas suppliers. The combined effects of the coronavirus pandemic, supply-chain disturbances, Brexit, and the Ukraine War have brought both barriers to cross-border flows and inefficiencies, but not a sizable withdrawal from globalization. By all indications, the tides of globalization will continue to tack back and wash forward.