A De-globalised World?

It may take a few months or a couple of years, but one way or another the United States and other advanced economies will eventually recover from today’s crisis. The world economy, however, is unlikely to look the same. Even with the worst of the crisis over, we are likely to find ourselves in a somewhat de-globalised world, one in which international trade grows at a slower pace, there is less external finance, and rich countries’ appetite for running large current-account deficits is significantly diminished. Will this spell doom for developing countries?