Globalization was originally billed as a process that would bring the world untold wealth, peace, and prosperity.

This seemed to be the case from 1991 (the year the Soviet Union collapsed) until roughly 2020.

The way governments responded in the wake of the COVID-19 pandemic saw governments worldwide close down borders, while also restricting trade and travel.These moves caused massive economic shocks worldwide. 

Moreover, Russia’s invasion of Ukraine has provoked further shocks as countries across the West slapped massive sanctions on Russia. With many countries disconnecting themselves from Russia’s energy sector, natural gas prices are going through the roof across the West.

Globalization was originally promised to serve as a panacea to all of our problems. However, it has shown itself to be a double-edged sword. For example, when a crisis strikes a critical sector of a country’s economy, that problem can become global in nature within a matter of time.  

Those are the many perils of globalization during a time when big governments and central banks reign supreme.

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