Gloom over it has grown but its logic is so compelling that safeguards for it should be in the works
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Last week, in a letter to shareholders, Larry Fink, chairman of BlackRock, declared that globalization was over. The manner in which the Western world came together to impose sanctions on Russia, coupled with the alacrity with which global businesses terminated decades-old business arrangements with the country virtually overnight, seemed to suggest that many of the assumptions upon which global trade has been based so far can no longer be counted upon to hold true anymore. Given that all this came on the heels of a pandemic that had already shone a light on many similar issues, these events, Fink argued, “mark a turning point in the world order of geopolitics, macro-economic trends, and capital markets".
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