VietExplorer

War and political instability have created, chaotic flows of refugees and other migrants, and have been one of the foremost causes of national populism. (Express photo by Gajendra Yadav) The world has changed dramatically in the past two years. The two most significant triggers of this change have been the Covid pandemic and the Russian invasion of Ukraine. These two events have disrupted the structures of economic globalisation. National policy responses have been less than ideal, with the largest mistake being the US Federal Reserve’s tardiness in combating rising inflation. Their delayed action is shocking the global system even further. Even before these shocks, there was mounting concern about the effects of globalisation on the livelihoods who were not well equipped to benefit from increased competition and rapid technological innovation. Populist nationalism was rearing its ugly head, even in seemingly liberal democracies like the United States and United Kingdom.