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One stark reality exposed by the pandemic is “the fragility that 50 years of purposeful globalization has brought to various countries and markets,” writes Rana Foroohar, Financial Times global business columnist, in her new book, Homecoming: The Path to Prosperity in a Post-Global World.
Remember how scarce personal protection equipment was in the early months of the pandemic? The world’s one-track focus on corporate efficiency and profit through the tenets of globalization was a primary factor in that problem. According to Foroohar, the pandemic signaled the beginning of the end of globalization.
What does that mean for entrepreneurs looking to capitalize on the changes this new reality will bring?
Foroohar provides a thorough review and uncovers valuable lessons for entrepreneurs as she makes the case that a new age of economic localization will reunite place and prosperity, putting an end to the last half-century of globalization.
Homecoming explores both the challenges and the possibilities of the rise of local, regional and homegrown businesses, and how this new era can usher in a more equitable and prosperous future.
Foroohar argues that the neoliberal economic philosophy (the hallmark of globalization) prioritizes efficiency and profit over resilience and local prosperity. In the past five decades, it led to tremendous inequality and economic insecurity—and an overall distrust in institutions that influence the way the world runs. However, Foroohar sees a change on the horizon: The pendulum will swing back, ushering in a wave of local, regional and homegrown businesses where local prosperity trumps profit as businesses become more stakeholder-focused with an eye toward equity.
Here are six ways we see that a retreat from globalization could impact entrepreneurs.
1. Place matters more than ever
More companies are near-shoring production and localizing or … Read More
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