Introduction: Charting the Uncertain Waters of a New Global Era
In Deglobalizzazione. Se il tramonto dell’America lascia il mondo senza centro (Hoepli, 2024), Fabrizio Maronta— a senior journalist, head of staff and head of international relations at Limes, Italy’s premier geopolitical journal—delivers a sharp analysis of the current phase of global economic and strategic transformation.
Maronta’s central thesis is the ongoing unraveling of a U.S.-centric world order that underpinned what we considered the past few decades of globalization. The book examines the historical forces behind the so-called second globalization (the first being that achieved by English supremacy in the 19th century) and traces the shifting balances of power. The book ultimately grapples with the question of how the world economy might look like in a multipolar and fragmenting world, without a clear hegemon at its center.
The Main Thesis: Fragmentation Amid the End of American Centrality
The work’s point of departure is a marriage that defined the late 20th and early 21st centuries: the economic and strategic partnership between the United States and China, forged in the early 1970s under President Richard Nixon and Chairman Mao Zedong. For nearly half a century, and especially since the 1990s, this uneasy arrangement transformed global production and supply chains, lifted hundreds of millions out of poverty— notably in China, but in many other regions as well — and spurred a vast increase in international trade. Yet today, several circumstances suggest that the age of seamless globalization may be coming to a close.
Maronta’s thesis is that what we are witnessing is not an outright end of globalization, but a fundamental reconfiguration—a “deglobalization”—in which the global flows of trade, technology, and capital no longer orbit exclusively around the American sun. We see the emergence of competing hubs of influence, new alliances, and “spheres of connectivity” that bear little resemblance to the unipolar moment following the Cold War. In other words, the U.S.-centered model of globalization is giving way to a more fragmented set of arrangements, each defined by varying degrees of interdependence, rivalry, and strategic calculation.
The author stresses that “deglobalization” should not be interpreted as a return to autarky or isolation. Rather, it represents the segmentation of previously globally integrated supply chains and networks, as economic players (including states and multinational firms) adjust to new realities of risk and competition. This fragmentation, Maronta argues, will not necessarily reduce global trade volumes dramatically, but it will alter the structure and direction of global commerce. The focus will shift toward
strategic sectors and regional alliances, changing who trades with whom, under what conditions, and in which key industries.
The U.S. and Europe: Confronting Hard Choices
Maronta explores the challenges confronting the United States. Decades of America’s industrial hollowing-out and reliance on overseas manufacturing—particularly in China— have created vulnerabilities whose impact on the social and political landscape has become apparent in recent years.
Maronta animates his arguments with vivid case studies, notably Apple’s entanglement with China. Apple, a paragon of American innovation, owes much of its commercial success to China’s extraordinary manufacturing ecosystem. Over time, the “marriage” between Washington and Beijing enabled Apple and countless other Western corporations to access a vast, low-cost labor force, world-class infrastructure, and efficient supply chains—factors that supercharged profits and accelerated global consumerism.
Yet, this interdependence had a dark side. It contributed to deindustrialization and wage stagnation in parts of the U.S., undermining the vitality of local communities across large swaths of the country. As America seeks to reduce its reliance on China and leading companies contemplate or already took steps for moving production to friendlier country, such as Vietnam. However, the complexity of replicating China’s unique manufacturing conditions elsewhere exposes the profound difficulties of strategic decoupling.
According to the author, we are witnessing Washington’s repositioning, striving to restore domestic production capacity in critical sectors and reduce supply chain dependencies on potential adversaries. Measures such as protective tariffs and generous subsidies to strategic industries mark a turn toward a more interventionist American state. The CHIPS and Science Act and the Inflation Reduction Act symbolize this shift, as the U.S. attempts to secure its semiconductor supply and foster cutting-edge technologies at home. And now, Trump’s triumphant return to the White House has been propelled by his strong promise to restore American industrial power. Make American Industry Great Again.
China’s Perspective: From Humiliation to Hyper-Capitalism Under Authoritarian Rule
Maronta also unpacks the Chinese perspective, detailing how a nation battered by a “century of humiliation” and internal upheavals embraced Western capital and technology as the key to modernization. This calculated move transformed China from a backward economy into a global manufacturing superpower, yielding unprecedented economic growth and lifting hundreds of millions out of poverty.
Under Xi Jinping, China’s ambitions have matured. Large-scale state subsidies target strategic sectors—semiconductors, electric vehicles, artificial intelligence—as Beijing seeks to dominate future industries. The Belt and Road Initiative further exemplifies China’s attempt to reshape global logistics and secure supply lines, projecting influence into Asia, Africa, and Europe. Yet, Maronta notes a paradox: while China portrays itself as champion of the “Global South,” its overwhelming manufacturing capacity can hinder the industrialization of developing countries. Rather than leveling the global playing field, China often cements its own centrality, challenging the narrative that it represents a more equitable alternative to Western-led globalization.
And Europe?
Europe, for its part, faces its own quandaries. Deeply integrated into global supply chains and much more reliant on international trade than China and US, the European Union must reconcile economic interdependence with strategic dependence on the U.S. for security. Europe’s industrial base, while
advanced, contends with energy vulnerabilities, a complex regulatory environment, and persistent internal divisions.
To mitigate these issues, the EU has begun developing its own strategic autonomy initiatives—ranging from the European Green Deal to proposed regulations for critical raw materials—aiming to ensure that Europe is not wholly dependent on external players in sectors like renewable energy, semiconductors, and battery production. However, the architecture of the European Union presents a unique challenge: the key role of Germany, a country whose economic model has been built with the goal of maximizing the export, with the consequent liquidity drainage. Moreover, such long-standing German model is facing an existential crisis after the disappearance of one of its main pillar (cheap Russian gas) and the increasingly bleak outlook of the another (China as the main destination market for Germany quality products, especially cars). A third, the increasingly fledgling US security umbrella (especially after the re-election of Donald J. Trump), risk to bring another, potentially fatal, breach into Germany’s economic and social engine.
Toward a Multipolar, Segmented Globalization
Maronta concludes that we have entered a long interregnum: the old order is fading, and a new configuration has yet to fully form. “Deglobalization” does not mean a return to insularity; rather, it points to a world composed of multiple, overlapping spheres of influence and connectivity. Different blocs may set their own standards, build separate infrastructures, and cultivate distinct technological ecosystems. The global internet, once envisioned as a uniform “world wide web,” is now segmented by censorship, firewalls, and linguistic-cultural divides. Similarly, financial and trade systems face growing pressure as countries experiment with alternative payment mechanisms to bypass American sanction regimes and dollar dominance.
For smaller, export-oriented economies like Switzerland and Italy, Maronta’s analysis can provide valuable insight. History has proven Swiss resilience during troubled times. At the same time, Switzerland’s economy of today, underpinned by financial services, pharmaceuticals, and high-precision manufacturing, thrives in conditions of stability and open markets. In an era of fragmentation, it is key to diversify trade partners, invest in innovation, and maintain diplomatic agility. Its resilience will hinge on whether it can maintain access to key markets without becoming overly reliant on any single one.
Italy, with its residual industrial power and clout of small-to-medium enterprises, faces daunting challenge. Deeply enmeshed in European value chains, Italy’s future competitiveness depends on leveraging EU-level strategies—such as the Green Deal and emerging industrial frameworks—while ensuring that its domestic industries adapt to shifting geoeconomic patterns. Regionalization and nearshoring may benefit Italian companies capable of delivering high-quality goods and services in shorter, more secure supply chains. In this environment, Italy’s ability to capitalize on European funds for research, innovation, and sustainable production will be crucial.
For policymakers, business leaders, scholars, and attentive citizens, Deglobalizzazione is an essential guide to understanding this profound transformation. Maronta’s work challenges readers to move beyond nostalgic notions of a stable, U.S.-led globalization and instead confront the complexities of a world in flux. As the contours of global power, production, and technology evolve, this book provides a compass for navigating the uncertain waters ahead—an era defined not by one hegemon, but by a mosaic of competing interests, values, and visions of the future.
