Larry Fink, the CEO of the world’s largest asset manager, recently wrote in his letter to shareholders that globalization as we know it is over. The war in Ukraine, he argues, marks a turning point in the world economy—though the momentum of globalization had been slowing for many years.  

Fink’s pronouncement caused a stir among the international capitalist class. The Financial Times featured an editorial opining that ‘global capital has, for the past 40 years or so, flown too far ahead of national economies, creating stresses and inequalities within many nations.’ FT journalists, of course, have been some of the greatest cheerleaders of this process, which made the conclusion all the more striking.

But before we decide whether globalization is over, it’s worth considering what it actually amounts to. I

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