Will COVID-19 Kill Globalization? Long Term Impact from the Virus Could be Felt for Years
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- The map on the leftwas air travel in Europe
one year ago, on theright, air travel now.
In the span of just a few months,
international travel has been set back
more than one hundred years,
and except for meeting people online,
our once interconnected world
has largely been disconnected.
Could coronavirus killglobalization as we know it?
The pandemic has broughtback nationalism and borders,
and could have a longterm impact
on the way the world is organized.
- If we have learned onething, it's let's do it here,
let's build it here, let's make it here.
We've got the greatestcountry in the world.
We've gotta start bringingour supply chains back.
- [Dale] President Trumpwants to make America
more self-reliant.
When coronavirus was raging,some nations got burned
when they couldn't get theemergency supplies they needed.
European Union nations closedtheir borders with each other
like enemies, and in some cases,
denied help to each other.
- We are on the verge of a great awakening
in terms of what is at stake.
- [Dale] Dr. William Moloneyof the Centennial Institute
believes many eyes have been opened
to the dangers of unchecked globalization,
which he claims was neverthe path to global prosperity
that it was supposed to be.
- What happened is thatmost of the savings
from exploiting cheaplabor, mostly in Asia,
went to corporate headquarters,
and a real result was the hollowing out
and outright collapse of a wide swath
of American manufacturing.
- [Dale] Trade expert SimonLester thinks globalization
was mostly good, and willreturn, but in another form.
- I think that we willreturn to the same level
of interconnectedness, but we might be
connecting in different ways.
- [Dale] Lester also believesthe Chinese government
faces a reckoning, possibly in the form
of economic isolation by some countries
for spreading a deadly virusthrough lies and coverups.
- Yeah, I think there'sgonna be an investigation
into what happened, and China's gonna get
a lot of the blame, andthere's gonna be some degree
of economic decoupling.
- [Dale] Experts expect moreAmericans to flee major cities,
some of which becamedangerous killing zones
when the pandemic was raging,
and travel industry analystHenry Harteveldt says
the airlines may not be healthy again
for a very long time.
- You'll see fewer airplanesflying than you did before.
You may have fewer airlinesoperating than before.
- [Dale] Experts sayone worst case scenario
is if for some reason coronavirusnever completely goes away
and then experts say it willreally be a whole new world,
and perhaps not a very nice one.
Dale Hurd, CBN News.