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While the world might recover from the Wuhan, Chinabased 2020 novel coronavirus, it is likely that the virus will leave the world governance system in a different state. Globalization as we knew it is over and a new world order will emerge, with dramatic consequences to our field. Globalization involves the movement of people, information, money and products, and increases in the mobility of these factors of production have allowed for international business (IB) to prosper. The post-WWII world order was held as international institutions, built largely with the US leadership, provided a regulatory framework for trade (e.g., WTO and UNCTAD), finance (e.g., IMF) and development (e.g., World Bank). The 21st century has also witnessed the rise of China as a world power and reformer of existing institutions (e.g., UN, WHO and WTO) and a creator of new global institutions (e.g., Belt and Road Initiative). The 21st century has also witnessed the rise of China as a world power and reformer of existing institutions (UN, WHO and WTO) and a creator of new global institutions (e.g., Belt and Road Initiative). As an orchestrator of global resources, the multinational enterprises have responded to economic incentives by outsourcing production to low-cost countries (such as China), selling to high-income consumers (such as the ones in the EU) and channelling profits to low-tax territories (such as the British Virgin Islands). Shareholders became richer, but blue-collar workers in footloose industries bore some of the burdens as much of the manufacturing base moved to China. A conflict began to emerge between Wall Street and Main Street leading to the likes of Occupy Wall Street movement of 2011. Some democratic countries have responded to the new challenges with populist governments, such as Boris Johnson of the UK, Donald Trump of the USA, Narendra Modi of India, Jair Bolsanaro of Brazil and Benjamin Netanyahu of Israel. These leaders oppose globalist approaches, that disadvantages them, and favour nationalist policies that benefit their constituencies. In the USA, both Bernie Sanders (populist left) and Donald Trump (populist right) agree, at least in principle, on issues related to protectionism and trade. Populist democratic governments around the world (on the left and on the right) are becoming more popular among mainstream voters.
