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The beginning of the 21st century brought to an end this wave of globalisation. Profitability in the major imperialist economies peaked by the early 2000s and after the short credit-fuelled burst of up to 2007, they entered the Great Recession, which was followed by a new long depression. Like that of the late 19th century, this brought to an end globalisation. World trade growth is now no faster than world output growth, or even slower.
So the counteracting factor to low profitability offered by exports, trade and credit has died away. This threatens the hegemony of US imperialism, already in relative decline to new ambitious powers like China, India and Russia. With US President Trump now launching his attempt to put the US back in the driving seat for international trade, renewed rivalry threatens to unleash major conflicts in the next decade or so.
full: https://thenextrecession.wordpress.com/2018/07/30/world-trade-and-imperialism/
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