With the new Covid-19 restrictions coming into effect this month, it is certain that millions of Western families will focus on streaming services during the holidays.This is also a reasonable prediction that many people will watch the popular Netflix hit Squid game, A violent dystopian fantasy from South Korea.

So far, you might think it is so trivial. But embedded in this viewing choice is a symbol of the ever-changing nature of globalization, which is quite exciting-investors should pay attention to this as we prepare for 2022.

In the past few decades, the word “globalization” has largely been synonymous with Westernization, at least in the minds of global business elites. The globalization of media content means that Hollywood is exporting its popular movies; when the American media platform Netflix appeared 24 years ago, it offered American-made fares, mainly for American consumers.

but Squid game Is a product made in Korea, supported by Netflix, has become Most watched shows in 90 countries All over the world this year. indeed, Polls show A quarter of Americans have seen it, and Spanish, Brazilian and French products made for global audiences are now scattered on the Netflix website. In other words, the globalization of media is no longer related to Hollywood; digitalization makes it a multi-polar issue.

This is just a metaphor for what is happening in other fields.Think about fast fashion, where is the Chinese company Shein now owns a quarter of the U.S. market, Or social media, where Another Chinese group TikTok has 1 billion global consumers. Then consider fintech. Singapore is now an innovation center, so much so that the Bank for International Settlements Open Fintech Innovation Center Instead of going to Silicon Valley. Or think about development flows and how Beijing’s “One Belt, One Road” initiative establishes non-Western connections in Asia and Africa.

This point about multi-polarization seems obvious, because it has been around for a while. But given the current pessimism about globalization, it is worth emphasizing now.

In the past few years, Western experts have often worried that we are entering the “de-globalization” stage. No wonder. Although global financial integration has soared at the beginning of the 21st century, it has leveled off since the 2008 financial crisis. As a global research published annually Presented by logistics group DHL.

The rise of trade wars and nationalism has also disrupted global trade flows, and the authoritarian suppression of digital freedom by countries such as China may split the Internet-the pandemic blockade has further disrupted global supply chains.

However, when future historians look back to 2022, they may not only see deglobalization, but also the emerging re-globalization, or a kind of global connectivity driven by new, non-Western and non-traditional forces. sex.

Joshua Cooper Ramo, Co-Director of Kissinger Associates, said: “Globalization has a very special topology-it is priced in US dollars and is affected by the Washington Consensus.” “But deglobalization is a response to being too open and too fast— A new, re-globalized model is coming. Most people in Washington haven’t seen this yet [but] This battle has ended with the new topology of re-globalization. “

This may sound threatening, at least to those Washington observers. But it may also provide new impetus for global integration. Consider again the DHL Globalization Report, which was compiled by collating indicators on the flow of people, capital, trade, and information.

This The latest survey, released at the end of last month, Indicating that in 2020, as the world absorbs the Covid-19 shock, the global flow of people, capital, and trade collapsed. Due to the surge in Internet usage, the only global indicator that remains strong is information.

But even more surprising is that despite supply chain disruptions, global trade flows have surged recently. In a series of investment flows and cross-border mergers and acquisitions, capital flows have also increased sharply, not only among Western countries, but also among non-Western countries.

Although the growth of information flow has moderated to pre-pandemic trends (perhaps because of Cyber ??nationalism), and the flow of people is still very low. DHL calculated that the comprehensive index of global integration was about 124 at the end of 2020, while the baseline in 2000 was 100.

Yes, this is down from the peak of 127 before the 2019 pandemic. But it is higher than the level of 119 recorded in 2007—in other words, just before the financial crisis and the high point of the wave of globalization promoted by the West in the early 21st century.

In addition, DHL predicts that its index will reach around 130 in early 2022, setting a new high. Therefore, although the pandemic is a large-scale stress test of global connectivity, convergence now appears to be higher than before, not lower.

Is this because of “re-globalization”? The data does not yet support this conclusion. However, if you are streaming TV content this Christmas, consider the trend. Yes, the world may now seem dystopian, xenophobic, and frustrating; but it is also being reshaped in exciting ways through digital innovation in the financial and commercial fields and in our TV shows.

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