It is not the end of globalization, but the beginning of the end of the free market.
On globalization101.org, globalization is described as “a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology. This process has effects on the environment, on culture, on political systems, on economic development and prosperity, and on human physical well-being in societies around the world.”
In recent years, the activities that define globalization have not slackened their pace; on the contrary. What has deteriorated, though, is the legal medium through which ordinary citizens can influence the price of goods, services and labor.
On the one side, people living under authoritarian regimes such as China, Kazakhstan, Oman or Swaziland have virtually no say in it.
On the other side, democratic countries undergo a more intricate process by which certain regimes become illiberal and put into practice policies that undermine people’s civil liberties and the open society in general. Even in the few remaining open societies and democratic environments, an even more insidious process causes the main decision to be made by increasingly fewer people whose interests no longer coincide with those of the general public.
The result of this readjustment of local power and the renegotiation of the relations between all centers of power is a redistribution of wealth and/or potential access to wealth, where economic elites make sure they will preserve and increase their wealth whereas ordinary citizens will find it harder to make ends meet, which means lower standards of living, worse levels of well-being and poor education.
And globalization will go on.