Bank of America says that one of the dominant trends for the 2020s will be the “end of globalization” as countries increasingly realize that the phenomenon has brought unsustainable “social disruption.”
In a report mapping out what to expect over the next decade, BofA analysts said that largely unchecked globalization, which ran roughly from 1981-2016, “is coming to an end.”
This change will take place due to “the widespread recognition that while globalization has meant lower consumer prices, it has also meant slower growth, precarious employment and social disruption.”
This massive shift will make commodities like precious metals and real estate safer investment because governments will move to impose protectionist economic policies.
“Countries will develop explicit national industrial policies and boost spending on R&D to foster local innovation, protect nascent industries, and shield national champions from hostile foreign takeovers,” the analysts said.
The transhumanist pursuit of “immortality” will also come to the fore in the next decade, as will a new tech arms race between the U.S. and China, dubbed the “Splinternet.”
China will eventually win the race, allowing Beijing “to reach national superiority in technology over the long term vis-a-vis Quantum Computing, Big Data, 5G, Artificial Intelligence, Electric Vehicles, Robotics, and Cybersecurity.”
“Ubiquitous connectivity” will also change the fabric of society, according to the report, with the ‘Internet of things’ embedded into virtually every new physical product, a development that critics argue will create an omnipresent Minority Report-style mass surveillance grid.
Although the forecast is full of trepidation, the fact that globalism is coming to an end and that we will begin to see the possible reversal of mass immigration should offer hope for many on the right.