WORLDVIEW: SA missed globalisation wave. What’s next?
The wave of globalisation that started in the 1980s has just about run its course. After years of increasingly globalised flows of goods, services, people, and capital, times are changing. By most measures, the global trade in goods is in decline. Non-tariff barriers (NTBs) are springing up – the WTO reports a steady rise in NTBs since 2007 (see chart) – and the prospects for growth are bleak. With trade slowing and globalisation under siege, how can an emerging market like South Africa thrive?
Winners and losers
Many Asian countries benefited greatly from the wave of globalisation that began in the mid-1980s, most notably China. China and its Asian peers took advantage of rich countries' lowering of trade barriers in the 1980s and 1990s to develop huge manufacturing sectors, producing cheap factory goods for Western markets.
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