![]() Olivia WhiteĬhina imports over 25 percent of its minerals, from places as far-flung as Brazil, Chile, and South Africa. In general, regions that are manufacturing regions depend very strongly on the rest of the world for resources: food to some degree, but really energy and minerals. In general, regions that are manufacturing regions-Europe, Asia–Pacific, and China, if we look at it on its own because it’s such a large economy-depend very strongly on the rest of the world for resources: food to some degree, but really energy and minerals of different sorts. Olivia White: The top line is, every region in the world depends on another significant region for at least 25 percent of a flow it values most. Lucia Rahilly: How interdependent would you say we are at this stage? Could you give us some examples of the ways we’re interconnected? That has been driving a lot of the flow down, if you take the longitudinal view, over the past ten years versus before. What’s happening, in part, is that a variety of countries are producing more domestically-first and foremost China. It comes on the back of a long history of different factors that influence growth and shifts in the way patterns work. Olivia White: The fact that certain goods are growing less quickly than other types of flows shows this shift in our economy and what’s most important to the way the economy functions. That doesn’t necessarily sound like a bad thing. Lucia Rahilly: Goods are a smaller share of total flows, a smaller share of economic output, than in the past. Flows of data grew by more than 40 percent per annum over the past ten years. One of the most striking findings from this research was that flows representing knowledge and know-how, such as IP and data, and flows of services and international students have accelerated and are now growing faster than the flow of goods. Since GDP has been growing, that means actual ties have gotten stronger. But the flows of goods kept pace with GDP and even rose a little bit, surprisingly, in the past couple of years. ![]() Olivia White: The flows of goods, the real tangible stuff, have leveled off after nearly 20-plus years of growing at twice the rate of GDP. What does this new MGI research tell us about the fate of globalization? Is it really in retreat? Now, given the war in Ukraine and other disruptions, many are once again sounding its death knell. Lucia Rahilly: Pundits and other public figures have wrongly predicted the demise of globalization for what seems like years. This transcript has been edited for clarity and length. The McKinsey Podcast is cohosted by Roberta Fusaro and Lucia Rahilly. ![]() 1 Please note that market conditions may have changed since this interview was conducted in December 2022. In this episode of The McKinsey Podcast, MGI director Olivia White speaks with global editorial director Lucia Rahilly about the flows of goods, knowledge, and labor that drive global integration-and about what reshaping these flows might mean for our interconnected future.Īfter, global brewer AB InBev has flourished in the throes of what its CFO Fernando Tennenbaum describes as the recent “twists and turns.” Find out how in this excerpt from “ How to thrive in a downturn: A CFO perspective,” recorded in December 2022 as part of our McKinsey Live series. Compare Standard and Premium Digital here.Īny changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel.Globalization isn’t going away, but it is changing, according to recent research from the McKinsey Global Institute (MGI). You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many user’s needs. If you’d like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month.įor cost savings, you can change your plan at any time online in the “Settings & Account” section. For a full comparison of Standard and Premium Digital, click here.Ĭhange the plan you will roll onto at any time during your trial by visiting the “Settings & Account” section. ![]() Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. Standard Digital includes access to a wealth of global news, analysis and expert opinion. ![]() During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. ![]()
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