From globalisation to national capitalism

Globalisation’s dominance is giving way to a new era of national capitalism, where states play a far more interventionist role in economic affairs. This pivot is driven by rising geopolitical tensions, supply chain vulnerabilities, and the need for strategic autonomy in critical sectors such as energy, semiconductors, and defence.

In a recent insight, Swiss private banking group Syz, outlines the various results of national capitalism, from the race to control critical raw materials to defense to re-shoring.

“The US and Europe are reshaping policy around resilience, autonomy, and economic sovereignty,” says Charles-Henry Monchau, Chief Investment Officer at Syz.

“While this shift carries risks—higher costs, fragmentation, and potential retaliation—it reflects a broader recalibration of power. In a volatile world, national capitalism offers a renewed framework where security and sovereignty take precedence over efficiency and openness,” he adds.

Read the full assessment here.