I disagree we are at the end of globalisation because I believe globalisation, like many other things, will continue, but it will operate under a “new norm.” Yes, policy-makers will incentivise businesses to “repatriate” manufacturing back to home countries to save jobs and to ensure the self-reliance of some strategic industries such as biotech, etc. However, business leaders are also conscious of the high risk of single-sourcing and the need to explore and expand offshore markets to meet their growth KPIs.

Undoubtedly, there will be a new order for the “World Factories.” China will face an intensive challenge from India and the likes but will develop its strength in other sectors. Further decentralisation of manufacturing and support centers will occur, but that will only create other “World Factories” around the globe. Businesses will be remapping strategic centers, including that of R&Ds and technology hubs, but will spread their risks across regions.

The engine of globalisation in the industrial age began some time ago. There is already a world web connecting people and businesses for technology, research, communication, etc. and, ultimately, the market. Anyone who decides to break away from this world web will risk never to catch up again because the train moves on and other passengers will quickly take over the vacant seats. The pandemic is the crisis that might change the direction of the moving train, because of the change of passengers on board. What is happening is merely an evolution of the order of “globalisation,” it does not kill it.