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By Bruno COLMANT, Member of the Royal Academy of Belgium
The years 2020-2023 mark the end of hyper-globalization. Hyper-globalization has its roots in the Pax Americana of 1944 and the Bretton Woods monetary accords, which established the dollar as the world’s reserve currency, although these accords were abandoned in 1971. Both counter-models to American-European capitalism collapsed in 1976 (with the death of Mao) and 1989 (with the fall of the Berlin Wall).
Open borders and technological advances, such as civil nuclear power and the Internet, led to globalization that was not only economic but also political. This led the American political scientist Francis Fukuyama to publish The End of History in 1992, prophesying the ideological...
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