Worth listening to FedEx on this point. They are a global logistics company that handles global shipping. They are in a position to watch the economy change in real time – and what is happening post public health policies and Russian war efforts is “de-globalization”.
For example, the U.S. wants to move chip making back inside the U.S. The new EV tax credits will apply only to vehicles that are mostly made in the U.S. Globalization is no longer the driver it once was.
From the ’90s onwards, GE and then others achieved success by outsourcing work elsewhere – literally the growth of globalization went along for the ride as companies everywhere sought to move manufacturing and services (such as software or customer support functions) to cheaper labor, overseas. Walmart kept it’s “Low Prices” by importing everything from low-cost Asian labor countries.
Now, for whatever reason, we’ve reversed course and countries seem back to protectionism and boosting their domestic economies.
Except for workers – everyone wants to import skilled workers from somewhere else.
Is globalization over? Probably not, at all. But globalization is undergoing a significant change. Not sure where it ends up, just yet.