In this Business English News lesson on the trend toward deglobalization, we look at business English vocabulary related to economics and global trade.
The past few years have been a very interesting time for the world economy. A pandemic has exposed the vulnerabilities of global supply chains. Geopolitical tensions around the world have intensified, stoking inflation. In response to these disruptive forces, we are seeing a new international dynamic emerge, as Shroders reports:
A decades-long process of globalization is coming to an end as the world becomes more protectionist, favoring opportunities closer to home. Multinational corporations are diversifying where they produce goods and relocating closer to home. This trend represents backtracking from the globalized model of extended supply chains that have defined international trade in the past few decades.
Many saw globalization as an unassailable model for economic development, one that brought universal benefits. And there are many who see deglobalization, as it’s being called, as either regressive or bad for business. But the cracks in the globalized economy are evident.
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