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"Many hoped that hyper-globalisation would lead to China becoming more democratic and, in turn, the US and other major powers would become more interested in the gains from trade rather than in zero-sum geopolitical competition. Neither of these expectations has materialised."
Western protectionist policies are often driven by legitimate domestic and global concerns, such as climate change. Instead of condemning them, developing nations must seek their own prospect-boosting policies that benefit the global economy too.
With China’s rise as a geopolitical rival to the US, and Russia’s invasion of Ukraine, strategic competition has reasserted itself over economics. However, a scenario is possible with a better balance between the prerogatives of the nation state and the requirements of an open economy.