Is globalisation breaking down or transforming? | Business and Economy

From: Counting the Value

Disaster upon disaster threatens to fracture the worldwide economic system after a long time of financial integration.

The tip of the Chilly Conflict, free commerce and technological advances have helped create a world system that’s delicate to what’s occurring on the opposite aspect of the world.

Globalisation has been credited for creating economies, growing incomes and lifting thousands and thousands of individuals out of poverty.

However the pandemic and the warfare in Ukraine have uncovered the fragility of that financial interdependence.

On the identical time, globalisation has additionally been criticised for growing inequality, and worldwide charity Oxfam says the world’s richest 1 p.c pocketed practically twice as a lot wealth as everybody else over the past two years.