Wifo boss Gabriel Felbermayr sees the war in Ukraine as the end of the era of globalization. “The 30 glorious years of globalization are over. We have to bury the idea of a global market,” said the economist of the Augsburger Allgemeine. The global economy is now splitting again into individual blocs in the West, an area of influence dominated by China, increasingly emancipating India and an isolating Russia.
“Since the crisis in the financial markets of 2008 and 2009, it has been clear that hyperglobalization is over,” says Felbermayr. “At the latest since Donald Trump’s economic war and Russia’s invasion of Ukraine, it is clear that a new Iron Curtain is likely to be lowered between the West and the Russian sphere of influence.”
“Wrong decision to become so dependent on Russia”
Felbermayr criticized German politics in recent years: “Here few people from the energy industry and politics in Germany have made the wrong decision to become so dependent on Russia,” said the newspaper’s expert. This high degree of dependency contradicts all basic economic principles. “The citizens are now paying the bill for this policy.” Austria is relatively more dependent on Russian gas than Germany.
Before the war in Ukraine, many people in Austria, Germany and Russia had benefited from the business model, Felbermayr said. The people have the right to know who in the government has made which decisions.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
