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FRANKFURT (Dow Jones) — World economics expert Gabriel Felbermayr sees the war in Ukraine as the historic end of the era of globalization. “The 30 glorious years of globalization are over,” said the head of the Viennese economic research institute Wifo of the Augsburger Allgemeine. “We have to bury the idea of a global market.” The global economy is now falling apart again into individual blocks of the West, an area of influence dominated by China, India that is becoming increasingly emancipated, and Russia that is isolating itself.
It has been clear since the financial market crisis of 2008 and 2009 that hyper-globalization is over,” said the former director of the Kiel Institute for the World Economy. “At the latest since Donald Trump’s economic war and the Russian invasion, it has been clear that probably a new Iron Curtain will be lowered between the West and the Russian sphere of influence.”
Felbermayr has sharply criticized German politics in recent years. “Here, a few people from the energy industry and politics in Germany made the wrong decision to make themselves so dependent on Russia,” said the economist. This high degree of dependency contradicts all basic economic teachings. “The citizens are now footing the bill for this policy,” said Felbermayr.
Before the war in Ukraine, many people in Germany, Austria and Russia would have benefited from this business model. The German population has the right to know who in the federal government promoted which decisions.
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(END) Dow Jones Newswires
March 31, 2022 04:13 ET (08:13 GMT)
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