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plus Australia, Norway, the Republic of Korea, and the European Union. which for purposes of this analysis include the Group of Seven (G7) countries, 2 The members are Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. A fundamental challenge that China presents arises because its actions have generated significant security and economic challenges, yet it nonetheless is a massive trade and investment partner for the “advanced democratic economies” (ADEs), 1 The ADEs are liberal democracies with advanced economies. This issue brief describes the still-developing new globalization focusing on the issues surrounding China. However, China has been a critical element in what might be described as the “maximum trade-centered globalization,” which has dominated trade and investment policy in the three decades since the end of the Cold War. There are other important factors generating this new globalization including the impact of the Russia-Ukraine war both on energy markets and on trade and investment with Russia generally, as well as the global requirements for mitigating and adapting to climate change. Many of the causal factors for this very significant change revolve around China and the consequent responses to its actions by the United States, other democracies of the transatlantic alliance, and the advanced democratic economies of the Indo-Pacific.
The transition is ongoing, and its final form is yet to be determined. Driven in significant part by security considerations, a new and more diverse globalization is both required and being built. The unitary globalized economy no longer exists.
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