From the end of the Cold War until at least 2015, globalization and its ideological counterpart, globalism, appeared to be unstoppable trends. Comparative advantage and free markets appeared to triumph nearly everywhere. But over the past few years, decelerating trade in goods and rising international tensions evidenced the rise of a countervailing shift toward “deglobalization.” What’s driving deglobalization? What will a deglobalized world look like? And who are the likely winners and losers? We’ll explain.