No longer. Today political risk is multiplying and power is decentralizing, changing globalization with it.
These tensions were on full display in Davos this week.
The town’s promenade was dominated by crypto businesses with little interest in the official conference program. Ukraine-themed spaces dotted the town, where a beamed-in President Volodymyr Zelenskyy was a bigger draw than any of the political minnows on WEF’s main stage. Governments may be struggling to pay down pandemic debt and buttress inflation pain, but good luck finding a WEF panel about equitable taxation policy, despite cries from NGOs.
These multiple versions of Davos talked across each other instead of pulling in one free market direction.
Where once it was manufacturing supply chains that were globalized, now it’s more often rules and regulations — from ending corporate tax loopholes to mandating a carbon-neutral future....
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