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Globalization sees new 'variant' in wake of COVID-19, Ukraine

Priority for business, governments shifts from efficiency to risk reduction

Prime Minister Fumio Kishida speaks to Group of Seven leaders and Ukraine's President Volodymyr Zelenskyy, who gathered for an online conference  on May 9.   © Kyodo

TOKYO -- When Larry Fink of BlackRock spoke about the end of globalization in late March, it drew attention around the world. "The Russian invasion of Ukraine will put an end to the globalization we have experienced over the past three decades," said the chairman and CEO of the world's biggest asset management company.

Around the same time, Adam Posen, president of the Peterson Institute for International Economics, a Washington think tank, wrote an article for Foreign Affairs titled "The End of Globalization?" that also analyzed the apparent stalling of globalization.

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