One part of this is unhappiness with spillovers from United States monetary policy, sometimes when the stance is loose, as in the ‘currency wars’ era after the global financial crisis, and sometimes when financial conditions tighten, as they did in the 2013 taper tantrum and as they have been doing during the current period.
Another is the geopolitical tensions that have made ‘deglobalisation’ a buzzword. There have also been shifts in the realm of ideas, with even some mainstream economists condemning most forms of capital flows. For instance, in October 2022, Arvind Subramanian published an oped arguing that, “capitalism must be saved from its financial rentiers, and financial deglobalisation is a good place to start”.