BlackRock’s Globalization 2.0 Plan Aims to Redirect Savings into Local Infrastructure

Larry Fink, CEO of BlackRock, has outlined a vision for "globalization 2.0" in the Financial Times, proposing a shift in how citizens' savings are invested. The plan emphasizes directing capital toward local infrastructure projects, ostensibly to address wealth inequality and protect domestic workers. Critics argue the real agenda may be privatizing global infrastructure while advancing ESG goals.

Fink acknowledges the failures of the first wave of globalization, particularly its exacerbation of wealth disparities. His solution, however, raises concerns about locking savers into illiquid, long-term investments. The BlackRock chief dismisses Trump-era tariffs as ineffective, advocating instead for a blend of open markets and local protections.

"Under globalisation, money often chased returns around the world without necessarily benefiting the people back home," Fink writes. This admission reveals the tension at the heart of his proposal: a top-down approach to capital allocation that could further consolidate power among asset managers.