{"id":1414696,"date":"2022-04-01T10:45:21","date_gmt":"2022-04-01T14:45:21","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1414696"},"modified":"2022-04-01T10:45:25","modified_gmt":"2022-04-01T14:45:25","slug":"globalisation-over-thanks-to-ukraine-war-declares-top-economist","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/globalisation-over-thanks-to-ukraine-war-declares-top-economist\/","title":{"rendered":"Globalisation \u2018Over\u2019 Thanks to Ukraine War, Declares Top Economist"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fglobalisation-over-thanks-to-ukraine-war-declares-top-economist%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1414696&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<p class=\"subheading\">A leading economist has claimed that, in his view, economic globalisation is now \u2018over\u2019 as a result of the Ukraine war.<\/p>\n<p>Gabriel Felbermayr, a world-renowned economist who heads up the Austrian Institute for Economic Research (WIFO), has declared that globalisation is now \u201cover\u201d thanks to the ongoing war in Ukraine.<\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<p>Instead, the economist believes that the current economic world order will be replaced by a multilateral system, with regions breaking off into distinct economic blocks, dominated by the likes of the West, China and Russia.<\/p>\n<p>\u201cThe 30 glorious years of globalization are over,\u201d <em>Der Spiegel<\/em> <a href=\"https:\/\/www.spiegel.de\/wirtschaft\/oekonom-ueber-folgen-des-ukraine-kriegs-die-glorreichen-jahre-der-globalisierung-sind-vorbei-a-343206b9-7d8d-4f3d-8234-c8216538e1f4\">reports<\/a> the prize-winning economist as saying. \u201cWe have to bury the idea of \u200b\u200ba global market.\u201d<\/p>\n<p>\u201cEver since the financial market crisis of 2008 and 2009, it has been clear that hyper-globalization is over,\u201d he continued. \u201cAt the latest since Donald Trump \u2018s economic war and the Russian invasion, it has been clear that a new Iron Curtain will probably be lowered between the West and the Russian sphere of influence.\u201d<\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Germany Suffering \u2018In the Most Brutal Way\u2019 Over Russian Gas Addiction \u2013 Minister<a href=\"https:\/\/t.co\/h87ZPPVIRd\">https:\/\/t.co\/h87ZPPVIRd<\/a><\/p>\n<p>\u2014 Breitbart London (@BreitbartLondon) <a href=\"https:\/\/twitter.com\/BreitbartLondon\/status\/1509455464827961346?ref_src=twsrc%5Etfw\">March 31, 2022<\/a><\/p>\n<\/blockquote>\n<p>Although the end of globalisation has been <a href=\"https:\/\/www.economist.com\/leaders\/2001\/09\/27\/is-globalisation-doomed\">predicted<\/a> <a href=\"https:\/\/www.theguardian.com\/world\/2001\/feb\/27\/globalisation\">many<\/a> <a href=\"https:\/\/www.theguardian.com\/world\/2017\/jul\/14\/globalisation-the-rise-and-fall-of-an-idea-that-swept-the-world\">times<\/a> <a href=\"https:\/\/www.theguardian.com\/business\/2016\/nov\/17\/does-trumps-election-spell-end-for-globalisation\">before<\/a>, Felbermayr\u2019s warning matches those made by other groups and <a href=\"https:\/\/www.breitbart.com\/news\/war-in-ukraine-will-take-global-economic-toll-group-warns\/\">organisations<\/a>, with Russia\u2019s ongoing war in Ukraine already causing serious issues for international trade.<\/p>\n<p>The supply of food is one <a href=\"https:\/\/www.breitbart.com\/europe\/2022\/03\/26\/un-tsar-warns-europe-of-hell-on-earth-migrant-crisis-amid-global-food-shortage\/\">major area<\/a> where the war has already caused significant damage due to the world\u2019s reliance on grain and fertiliser exports from Ukraine and Russia.<\/p>\n<p>As a result of the supply chain failure, one UN expert has warned of a \u201chell on earth\u201d migrant crisis caused by chronic food shortages should Europe not fund more aid for at-risk areas.<\/p>\n<p>Increased tensions between Russia and the West also now seem likely to result in major disruptions to the international energy sector, with Russian President Vladimir Putin <a href=\"https:\/\/news.sky.com\/story\/ukraine-war-putin-demands-payment-in-roubles-for-russian-gas-supplies-or-contracts-will-be-halted-12578915\">reiterating<\/a> threats to cut off gas supplies completely from \u201c<a href=\"https:\/\/www.breitbart.com\/europe\/2022\/03\/24\/putin-attacks-petrodollar-system-demands-unfriendly-european-nations-purchase-gas-in-rubles\/\">unfriendly<\/a>\u201d nations should they refuse to start paying for their fix in rubles from April.<\/p>\n<figure id=\"M-ROS-B3\" class=\"a8d adSo\"><\/figure>\n<p>Such a cut-off \u2014 if it comes to pass \u2014 will likely be utterly catastrophic for Germany, which has become highly addicted to Moscow\u2019s supply, receiving 55 per cent of its\u00a0natural gas from Putin\u2019s Russia.<\/p>\n<p>This overreliance on an energy supply controlled by Russia which may be soon unceremoniously pulled has left the country\u2019s authorities scrambling for alternatives, with emergency plans also being put in place to ensure homes do not have their essential fuel supplies disrupted.<\/p>\n<p>However, the country is still seemingly not desperate enough to cease its green agenda, with the nation continuing to shut down its <a href=\"https:\/\/www.breitbart.com\/europe\/2022\/03\/10\/germany-ignores-looming-energy-crisis-to-close-all-nuclear-power-plants\/\">nuclear<\/a> and <a href=\"https:\/\/www.reuters.com\/business\/sustainable-business\/rwe-shuts-neurath-coal-plant-will-conserve-potential-operation-2022-03-31\/\">coal-fired<\/a> power stations in the midst of the current crisis.<\/p>\n<p>Many have <a href=\"https:\/\/www.breitbart.com\/europe\/2022\/03\/30\/germany-suffering-in-the-most-brutal-way-over-russian-gas-addiction-minister\/\">taken aim<\/a> at past German administrations for landing the country in this situation, with Felbermayr also levelling heavy criticism at those who got the central European state hooked on Russian gas.<\/p>\n<p>\u201cHere, few people from the energy industry and politics in Germany made the wrong decision to make themselves so dependent on Russia,\u201d\u00a0<em>Der Spiegel<\/em> reports the man as saying.<\/p>\n<p>\u201cThe citizens are now footing the bill for this policy,\u201d he concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A leading economist has claimed that, in his view, economic globalisation is now \u2018over\u2019 as a result of the Ukraine war. Gabriel Felbermayr, a world-renowned economist who heads up the<\/p>\n","protected":false},"author":297,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1414696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1414696","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/297"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1414696"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1414696\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1414696"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1414696"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1414696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}