Has Globalisation Had its Day?

Globalisation is the result of the ability to move and communicate easily with others leading eventually to global cultural, political and economic integration.

In an economic sense, globalisation is characterised by consolidation, standardisation, interoperability, outsourcing and off-shoring (particular to lower cost countries), complex and extended supply chains, and free movement (of goods and people), all of which have lowered costs, increased demand and generated economic growth around the world.

Globalisation has been seen in general as a ‘good thing’ and its march over the last few decades has appeared unstoppable. Until the arrival of COVID-19, that is.

The speed with which the virus has taken hold around the world reflects the highly connected world we live in, of which globalisation is a key part. Few countries were prepared for this rapid spread of the virus – and normal trade in key supplies (such as PPE and ventilators) was severely disrupted, partly because of logistical difficulties but also because countries overrode contracts to secure these supplies for their own citizens.