Question

A major factor contributing to the fraying of globalization since 2008 is

Answer 1

The fraying of globalization since 2008 can be attributed to pushback against job loss, political sovereignty erosion, and increased economic inequality with events such as Brexit and Trump's presidency symbolizing the shift. The offshoring of manufacturing jobs and criticism towards corporate and trade practices have also played pivotal roles.

Step-by-step explanation:

A major factor contributing to the fraying of globalization since 2008 is the increasing pushback against the negative impacts of globalization, such as job loss, loss of political sovereignty, and increased economic inequality. Prominent examples of this include the 2016 vote in Great Britain to exit the European Union, known as Brexit, and the election of Donald J. Trump as President of the United States. Both events reflect a desire to return to more nationalized control and policies.

Another contributing factor is the offshoring of manufacturing jobs from the United States to countries with cheaper labor and weaker environmental regulations. This practice initially reduced the influence of nation-states and communities but eventually led to political backlash as it resulted in a significant loss of well-paid working-class jobs, contributing to greater inequality within American society.

Lastly, criticisms toward corporate interests, deregulation, and international trade abuses have further catalyzed the skepticism towards globalization. The critique of the neoliberal philosophy of institutions like the WTO has led to a preference for plurilateral agreements, which may lead to further fragmentation of world trade.

Answer 2

A major factor contributing to the fraying of globalization since 2008 is Protectionism.

Step-by-step explanation:

Many nations are wary of the impact of globalization on local jobs, trade balances, and GDP. To protect their citizens' jobs, control unemployment among the youthful population, and ensure deindustrialization of towns and cities, many governments have been pushing back on globalization.

Many developed countries have viewed globalization as favoring the developing nations to their detriment. This is why citizens are pushing their governments to act against the forces of globalization.

But, many aspects of life have gone global and cannot wait for the governments to act. In short, governments appear unable to control such globalization trends, especially in the areas of the internet of things, information sharing, news democratization, etc.