Theodore Levitt, the Harvard Business professor credited with coining the term, globalization envisioned a focus on interdependence across borders. However, he has seen its foundation shake of late. From The Wall Street Journal (April 29, 2015) comes this headline: “Is Globalization Finished?” And this fromThe Economist (June 25, 2015): “Globalization’s Retreat?”

Here’s the reason for the apparent retreat, courtesy of Gary Hufbauer, former U.S. Treasury official, writing on, General Electric’s thought-leadership platform:  “Globalization… is actually not flourishing. For seven years and counting, world trade growth has failed to outpace — and thus drive — world GDP growth, while annual world foreign direct investment flows have fallen well below their 2007 peak of $2.2 trillion. ’Micro-protectionism’ has become the political flavor of the moment, exemplified by ‘Buy America’ and ’Buy Brazil’ practices.”

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