The Long View Neil Shearing: The World Isn’t Deglobalizing; It’s Fracturing
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Aug 26, 2025 Neil Shearing, Group Chief Economist at Capital Economics and author of 'The Fractured Age', dives into the complexities of the global economy amidst rising geopolitical tensions. He discusses how US-China rivalry challenges the narrative of deglobalization, using Huawei as a case study. The episode uncovers the influence of AI on productivity and geopolitical dynamics, notably Taiwan's strategic role in chip production. Shearing also examines the resilience of the US dollar and potential shifts in supply chains, spotlighting countries like Vietnam and Mexico.
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Fracturing Not Deglobalization
- Global trade volumes rose even as political rhetoric claimed deglobalization.
- Neil Shearing argues the world is fracturing into blocs, not retrenching inward.
What Hyper-Globalization Meant
- Globalization included goods, services, capital, labour and tech integration.
- Shearing says the era of hyper-globalization ended but broad flows remain near record highs.
Huawei As A Metaphor
- Huawei's rise mirrors China's integration into global supply chains and tech leadership.
- Western security pushback in the mid-2010s turned Huawei from symbol of openness into a fault line.
