Globalization Myth
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A case for why regionalization, not globalization, has been the biggest economic trend of the past forty years
The conventional wisdom about globalization is wrong. Over the past forty years as companies, money, ideas, and people went abroad, they increasingly looked regionally rather than globally. O’Neil details this transformation and the rise of three major regional hubs in Asia, Europe, and North America. Current technological, demographic, and geopolitical trends look only to deepen these regional ties. O’Neil argues that this has urgent implications for the United States. Regionalization has enhanced economic competitiveness and prosperity in Europe and Asia. It could do the same for the United States, if only it would embrace its neighbors.
The conventional wisdom about globalization is wrong. Over the past forty years as companies, money, ideas, and people went abroad, they increasingly looked regionally rather than globally. O’Neil details this transformation and the rise of three major regional hubs in Asia, Europe, and North America. Current technological, demographic, and geopolitical trends look only to deepen these regional ties. O’Neil argues that this has urgent implications for the United States. Regionalization has enhanced economic competitiveness and prosperity in Europe and Asia. It could do the same for the United States, if only it would embrace its neighbors.
Shannon K. O’Neil is the vice president of studies and Nelson and David Rockefeller Senior Fellow for Latin American Studies at the Council on Foreign Relations.