AI Arrives

One of the questions we get often during client meetings is whether globalization is in retreat. I decided to do some research into the topic.

The trend towards globalization, which refers to the interconnectedness of economies, cultures, and societies across borders, has been in place for several decades. Globalization has been driven by various factors such as advancements in technology, transportation and communication, as well as policies promoting trade and investment.

However, globalization has faced challenges and setbacks in recent years. One notable example is the rise of protectionist policies and nationalist movements in various parts of the world, which have led to trade barriers, immigration restrictions and a more inward-looking approach to economic and social issues. The COVID-19 pandemic has also disrupted global supply chains and travel, highlighting the vulnerabilities of a highly interconnected world.

Nonetheless, it is worth noting that globalization is a complex and multifaceted phenomenon that cannot be reduced to a single trend or direction. It is also subject to cyclical changes and adaptations, as well as different perspectives and interpretations. Some experts argue that globalization is evolving rather than declining, and that new forms of global integration and cooperation may emerge in the future.

The preceding three paragraphs were prepared in just 10 seconds by ChatGPT, the online platform that has become a sensation among users and investors. To some, it is a tool that has immense potential to transform the economy; to others, it is a scourge which will spread misinformation and cost jobs. The truth, I found, lies somewhere in the middle.

Computers have been able to generate conversation for quite a while now. Chat bots handle a lot of customer service inquiries, and voice assistants like Alexa and Siri answer when we call. Type-ahead features on smart phones adapt to our modes of expression and speed the construction of messages.