https://nypost.com/2022/03/24/blackrocks-larry-fink-ukraine-war-spells-end-of-globalization/
BlackRock CEO Larry Fink said that the Russian invasion of Ukraine “has put an end to the globalization we have experienced over the last three decades.”
Larry Fink is exaggerating it.
Russia was not a critical component of globalization - not the first pre-WWI, nor the second.
If Russia became a complete hermit state today it would not affect world trade beyond a rise in prices for 3 to 5 years before it is factored in.
If the USA or China or India or France or the UK or Japan or South Korea were to hermitize, then that would be a hit to globalization.
What exactly is this “globalization” that Larry is referring to? - the ways people interact - this is similar to people in sc not buying only sc products but pan-American products.
The Russian invasion of Ukraine was not the same impact as Covid on the world outsourcing market — I can tell you that FMCG companies have, since 2020 already moved to partial localization.