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OPINION - By Bruno COLMANT, Ph.D., Member of the Royal Academy of Belgium
After years of universal capitalism, 2020-2024 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. However, these accords were abandoned in 1971. The two counter-models to American-European capitalism collapsed in 1976 (with the death of Mao) and 1989 (with the fall of the Berlin Wall). The opening of borders and technological advances, such as civil nuclear energy and the Internet, led to a globalization that was not only economic but also political.
Thirty years ago, Francis Fukuyama (1952 -) published an article...
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