Financial crises and trade wars: has globalization failed to deliver?

This chapter asks how and why the underlying international political economic context of the US-China trade war - economic and financial globalization, has become unstable and set the context for such conflicts. Essentially, globalization in all its dimensions appears to have advanced to where self-destruction is likely, if not inevitable.  Globalization has disrupted the sectoral composition of economies worldwide, enabled the scapegoating of globalization by populist political leaders; and triggered protectionist nationalist responses that complicate international coordination and cooperation. The increasing frequency and damage of international crises is a fundamental, if less recognized, independent variable at the very heart of explaining why globalization has both aggravated inequalities across societies and helped to erode the liberal democratic international order.