The Era of Happy Globalization Is Over. Welcome to the Era of High-Cost Globalization.

Companies and consumers will have to pay the price.

Deglobalization is more of a myth than a reality. It will not happen. But the emerging global economy will transform with production chains whose costs will certainly be higher. Over the last thirty years, the world economy, increasingly globalized, has been characterized by an ability to produce ever more goods at ever-lower prices.

The entry of China a…