This article, on CNBC.com, titled “Globalization is waning, and a US-China trade deal won’t solve that, strategist says” focuses on recent comments made by David Roche, the president and global strategist of the London-based Independent Strategy. Roche stated that globalization has actually been on a significant decline or total reversal for over seven years, which is somewhat controversial, as many experts include US’s president Trump in the conversation of the modern decline of globalization. Roche adds that the origins of this decline in globalization hearken back to protectionist measures enacted in Italy years ago due to job loss caused by a dysfunctional labor market. These protectionist measures have led to more and more nationalistic policies globally, and Roche states that there is likely nothing that a US-China trade deal could do to reverse the effects of what’s already been done.
Due to the overall waning in globalization, according to Roche, China is far more likely to seek growth in domestic pursuits, than rely on international efforts. Overall decreasing international inter connectivity provides a serious roadblock to greater international economic involvement, and Roche notes that willingness to participate in the international economy still declines. Much of Roche’s later points in the article focus on how populism has had a hand in declining globalization, by seeking easy answers to job loss like race and immigration. Empirically, this is at best incorrect, as the vast majority of jobs lost are due to advances in technology making some workers obsolete, and ideologically, this thinking has been totally counterproductive to the world economy, as Roche claims that for a solution to all of this: more inter connectivity is required, not less.