The Future of Globalization

Adapting to Evolving Economic Realities

Abstract

Over the past few decades, globalization has been a prevailing trend in the world economy, fostering increased interconnectedness and interdependence among nations through trade, investment, exchanging goods and services, information, and ideas. The relationship between globalization and the supply chain has grown in tandem, mutually reinforcing each other's growth. However, recent years have witnessed headwinds challenging the former's trajectory.

While globalization has yielded economic growth, poverty reduction, and enhanced access to goods and services, it has also faced criticisms for widening inequality, environmental degradation, and social disruptions. This article examines the "future of globalization", especially in light of geopolitical tensions, trade disputes, and the US-China technology competition, which have sparked debates about its continuity. Furthermore, it explores the transformative governance necessary to adapt to evolving economic realities.