Our New Global Economy

The End of Globalization

The global economy is changing. Countries are realizing that while economic interdependence has brought significant peace to the world, it can also mean supplying the military rise of your biggest rivals.

Special thanks to Bill Reinsch, CSIS, and to AP Newsroom.

-- VIDEO CHAPTERS --
0:00 Intro
3:48 Global Trade Explodes
11:32 Trade Barriers
14:35 Why is this happening
19:57 Conclusion

About:
Johnny Harris is an Emmy-winning independent journalist and contributor to the New York Times. Based in Washington, DC, Harris reports on interesting trends and stories domestically and around the globe, publishing to his audience of over 4.5 million on Youtube. Harris produced and hosted the twice Emmy-nominated series Borders for Vox Media. His visual style blends motion graphics with cinematic videography to create content that explains complex issues in relatable ways.

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[Riggsnic_co]

Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.

[karlputz]

Note: Microchips didn't move to Taiwan because of the free market. It moved there because the government invested in it heavily.

[pierssteenekamp]

Mr Johnny Harris, I tip my hat to you. I am 73 years old and recently retired. I have been a musician, a song -writer, a pilot, a pastor and I have headed up an innovation centre at a university and been a high school teacher - but I have learned more from you than I have learned from a lifetime of formal education. You are the most gifted teacher I have ever witnessed and had the privilege to learn from. Keep up the good work. The people of the world have much to learn and you are the best person to teach it!

[RusuSilva]

It's sad how difficult things have become in the present generation. I was wondering how to utilise some money I had. I used some of it for e-commerce business, but that sank. I'm thinking of how to use what's left to invest, but I don't really know which way to go.

[Freumble]

Company owner in Europe here, at 12:43 - Government incentives are NOT for small or medium companies, but only big corporations. Small and medium companies are still getting shafted. We made the decision 25 years ago to stay in the country and not send the production to china, which would have been better. We remained in the country, with local skilled workers. The government never cared. Never gave back for staying. Now they are giving nice tax incentive to big corporation to come back, but not to small and medium companies that stayed and paid more than their fair share. Government are just scrambling to get production back because Covid showed how dependent they were on china.

[StreetPreacherr]

Trouble is that if I can get AI to take over my job, it doesn't mean I get to stay home and do something more fulfilling, it just means I'm broke and the business owners will make more money...

[Varaben]

Whoever does the graphics is doing a great job! Like the maps with the outlines and the company logos moving around. Stuff like that makes the videos more engaging. I’m sure it’s a lot of work!

[shiishani]

I love how you displayed the whole thing as if weaponization of economic power is a new thing.

[alizz]

I think the most important factor that the video totally ignored is one of the main reasons that global trade didn’t lead to world peace is because the US weaponized it with its unilateral sanctions against any country that didn’t agree with it politically, and quickly governments started taking notice and feared that the same might happen to them. And that’s why they started rethinking their dependence on the US controlled financial systems, etc. not the other way around.

[aliisgandar]

This is pretty much my PhD dissertation topic: rivalry and economic interdependence. It's great to see I'm researching something people are interested in and something relevant to current world affairs.

[JinlanSun]

I think this video is wrong in some ways, and I think the biggest problem with Harris' video is that it oversimplifies and dramatizes history:
1. The industrial base of the Great Lakes region of the United States has been in continuous decline since the 1960s and 1970s (you only have to look at the historical demographics of Detroit), and in the 1980s the Detroit auto industry was hit hard by the rise of the Japanese automobile industry. So the decline of the Great Lakes was a trend long before Chinese goods flooded the West. The large-scale integration of China's coastal factories into international trade started in 2001, and you can recall that the first time you saw a lot of goods made in China was actually around 2002, not the 1980s as the video says.
2. The so-called free trade was proposed by the Western countries in the era of absolute technological and industrial advantages, because it was easier for the computer room countries to dump goods and obtain labor force to the third world. But China's industrial rise and expansion has broken the Western monopoly on high-tech industries. Chinese cars and mobile phones are being sold all over the world. Chinese-made ships, CNC machine tools and aircraft will also compete with Western products. This is something the United States cannot tolerate. In fact, this kind of trade protectionism happened in 1980-1990 when Japanese industry expanded globally.

[jensmeding]

When he said putin turned off the Gas supply if made me question the quality of the entire content.

[Heirthesun]

I know he means microchips, but hearing big Joe say, "we need to make these chips right here in America" is hilarious without context

[westongpt]

I think it is important to note that people aren't generally as easy to move around as jobs. This is the crux in my opinion. If you move all the jobs somewhere, people can't just pack up and move to where the jobs are, so they end up in economic decline. This gets glossed over in pure economic discussions. The cities that jobs moved to get richer, but it's not money conjured from nowhere.

[Cecil_Augus]

Gosh, the geopolitical explanation is child level.
So freaking simplistic and overlooks many important aspects of everything mentioned.

[lxjankov]

thank you for your work. And the visuals are amazing. bravo.

[sophieshen]

A refreshing reminder that what fuels the globalization is not really technology, but policy

[moonbreathing]

Just one thing: Putin did not turn off the pipelines. Europe put sanctions on Russian gas by itself. Then the US blew up Nord Stream. That’s the story. Thank you

[ochlokrat]

If Import taxes were based on how environmentally-, human- and animal- friendly the imported goods were produced, it's not a bad thing. But I agree, when Import taxes are used as a weapon or to isolate each country comes with a lot of boomerang problems.

[Timkaasjager]

Mind-blowing video, Johnny thank you. If anyone is interested in how the spread of liberal democracy stagnated and led to rising populist resentment of globalisation, I strongly recommend reading Ivan Krastev’s ‘The Light That Failed’. It takes the psychological perspectives of imitating externally inponsed values on people and their leaders