Is Globalization Dead?

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Due to Putin’s ongoing war in Ukraine, globalization is now “over,” declares economist Gabriel Felbermayr.

According to Der Spiegel, the prize winning economist believes that the current economic world order will “crumble and be replaced with a multilateral system, meaning regions will be broken off into distinct economic blocks, dominated by the West, China, and Russia.”

Larry Fink, CEO, and chairman of BlackRock backs Felbermayr’s warning. Last week Fink admitted that Russia’s invasion of Ukraine has disrupted the world order.

This overreliance on an energy supply controlled by Russia has left the country’s authorities scrambling for alternatives.

Mr. Felbermayr also has been critical of those who got the central European state hooked on Russian gas.

Here, few people from the energy industry and politics in Germany made the wrong decision to make themselves so dependent on Russia. The citizens are now footing the bill for this policy.

Zalina Zito, a political reporter, views this as an opportunity for Americans to embrace self-reliance, reports BRIGHT editors. In her column, Zito writes about “Tractor Supply junkies,” especially the Tropiano family who wanted to be more self-reliant and teach their three children those skills.

Ukraine, COVID, worker shortages, food shortages, staggering gas prices and inflation have changed the way we see the world and rocked our sense of stability. People everywhere are looking for ways to ease the pain; many of them are looking outside government and in the mirror for who is best to provide those solutions

The most recent Gallup survey shows that the Tropianos are not alone in their concerns: One in five Americans lists the high cost of living/​inflation — or fuel prices specifically — as the most important problem facing the United States today.

From Bloomberg (Wednesday):

inflation will mean the average U.S. household has to spend an extra $5,200 this year ($433 per month) compared to last year for the same consumption basket.”

Meanwhile, continues Mr. Zito, “Tractor Supply has experienced brisk growth, which continues as people are looking for ways to respond to the world’s instability by taking charge of their own supply chains.”