Globalization was supposed to bring down national borders - the world would be flat. Everyone celebrated the fact that government had taken a back seat to markets. The markets had won. Now it seems, nationalism is on the rise given the effects of globalization
The rising influence of governments can be seen in massive state-funded investment pools, many backed by countries that were reeling financially a decade ago. Sovereign wealth funds from Asia and the Middle East are now propping up wobbly financial institutions in the U.S. and Europe, and may hunt next for real-estate bargains. The growth of state power may also serve to make dealing with global climate change -- the most borderless of all issues -- even more difficult.
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