Will we see a decline in globalisation triggered by Covid-19?

Source: Mediterranean Shipping Company

The COVID-19 pandemic has generated enormous uncertainty around the world company boards are reassessing he risk of being exposed to the current complex supply chains and individual countries such as  97% of antibiotics used in Europe and the USA sourced from China as highlighted by the Council for Foreign Relations

The complex nature of global supply chains has encouraged companies to turn to technology like Blockchain- powered platforms such as Tradelens backed by the shipping giant Maserak and IBM  or Oracle’s CargoSmart to improve efficiency, cut costs, fraud hopefully leading to more transparency and TRUST.

The era of hyper-globalisation, 1990–2008 where we saw production being moved to low wage countries helping to drive down inflation.

The fall of the iron curtain, China joining the WTO, adoption of ‘containerisation’, which now accounts for 60% of the value of seaborne trade, all fuelled the race to globalisation

The Centre for Economic Policy Research (CEPR) a network of universities and over 1300 researchers claims firms are reassessing business models that rely on global supply chains and increased use of robots and 3D printing is bringing as manufacturing back to more developed countries.

The era of hyper-globalisation, according to the CEPR, came to an abrupt end in the Global Crisis of 2008/2009 because of a rise of uncertainty in the world economy triggered by the Global Crisis. Between 2008 and the euro area debt crisis in 2012

Bretton Woods had a huge impact on the post-World War 2  global economy as did the IMF and The World Bank which are heavily influenced by America where they are based, in encouraging global trade. How relevant are they still?

As Nationalism increases as seen by Trump “Make America Great again” and  BREXIT in the UK technology makes old jobs redundant altering  the world of work, is this going to force politicians to focus more the task of retraining workers less on global trade?

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