US is winning globalization's next wave without the trade wars

From Rust Belt America to Europe’s de-industrialized hinterlands, the focus of plenty of economic policy debates in recent years has been on globalization’s victims in the rich world and the political populism they have fed. But what if that’s yesterday’s story?

In a new report researchers at the McKinsey Global Institute argue that even before President Donald Trump launched his trade wars the era of offshoring and disruption that left many factory towns in the advanced world reeling was over. They also predict that shifting trends in technology and manufacturing mean advanced economies including the U.S. may be in the best position to benefit from a new wave of globalization already underway.

“We have already started the next chapter of globalization and we think it’s important for everyone -- companies and policy makers -- to realize which chapter we are in. Not make the mistake that the world is as it was in the 1990s and early 2000s,” said Susan Lund, one of the authors of the report.

The McKinsey team’s work comes ahead of next week’s World Economic Forum in Davos, where the future of globalization and its various new iterations are at the top of the agenda. It also hits at a broader debate over just how much shape-shifting Trump’s trade wars are causing in the global economy.

https://www.msn.com/en-us/money/markets/us-is-winning-globalizations-next-wave-without-the-trade-wars/ar-BBSlBbv?li=BBnbfcN