For decades, globalization was widely accepted as an almost inevitable trajectory. The more open an economy, the prevailing logic held, the greater its prospects for growth.
Frictionless ports, low tariffs, investment deregulation, and unrestricted capital flows were treated as the essential ingredients of economic advancement. Countries competed to become nodes of global trade, dismantling barriers and entrusting economic outcomes largely to the forces of the global market.
Over the past decade, however, it has become increasingly evident that this earlier model of globalization no longer delivers on its promises. The 2008 global financial crisis, the Covid-19 pandemic,…