FT News Briefing China rocked by protests against ‘zero-Covid’ policies
Nov 28, 2022
Martin Wolf, Chief Economics Commentator at the Financial Times, delves into the escalating zero-Covid protests in China, highlighting a rare coalition of interests uniting demonstrators nationwide. He discusses the simmering tensions of globalization, emphasizing how the protests reflect broader dissatisfaction with government policies. Additionally, Wolf examines the EU’s ongoing refugee crisis and the reluctant stance of Iranian businesses to engage in protests, showcasing the complex interplay of economic survival and political activism.
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Deglobalization Trend
- Countries are increasingly pulling back on global trade, a trend known as deglobalization.
- Examples include Trump's trade war with China, pandemic supply chain disruptions, and the Ukraine war's impact on energy dependence.
Cycles of Globalization
- Globalization and decoupling occur in cycles influenced by geopolitics.
- Historic examples include the period between 1870 and 1914 and the post-1950 era, with collapses driven by major global events.
Security and Dependence
- Security concerns justify deglobalization to avoid over-reliance on specific trade partners.
- Smaller countries inevitably depend on others due to limited self-sufficiency options.