Globalization’s Diminishing Returns?

These two posts from bring into focus the ways in which globalization hasn’t resolved some of the internal contradictions that hobble its transformational claims. On the one hand, a new report from the Asia Development Bank detailing how the enormous gains in regional GDP have yet to be adequately reinforced through regional integration, and especially regulatory integration of financial markets. And on the other, a look at how the revelations about China’s underground submarine base have reinforced the Indian military establishment’s concerns over China’s rise, particularly as regards securing commercial sea-lanes.

Is it possible that globalization has arrived at a point of diminishing returns, whereby the enormous transfers of wealth it has accelerated will soon begin to exacerbate financial vulnerabilities and rising power rivalries rather than stabilize them? Thoughts? Comments?