Globalisation in retreat
It is being challenged by a nationalist politics. But a nationalist economics is unlikely to take its place
Written by Ashutosh Varshney | Updated: November 30, 2017 11:18 am
China and India have not objected to Globalisation 2.0; the West has.
In the US, Wisconsin’s Winnebago county has lately made news. In 1872, Kimberly-Clark, a legendary company of paper products that earned $18.6 billion in worldwide sales in 2015, was born there. While Kimberly-Clark continues to be profitable, in part because it manufactures in 39 countries, smaller paper mills have shut down, one by one. Cheaper imports, especially from China, have wiped out the factory sector. Winnebago flipped from voting Democratic to voting Republican last year. Its residents were drawn to Donald Trump’s tough message on trade.
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