Does this argument explain why I can't think of a single country that has put forth a concerted effort to discourage cross border capital flows? I don't think so. If I'm wrong please point out a case study. I think the fact that globalism ends up being a net positive for nations long-term is the reason they prefer to stick to it as a system. I'm not well-versed in economics as a whole, but it seems like PPP is one of the metrics that can somewhat approximate how well individuals in a nation are able to exercise economic power. And it looks like globalism does help increase that if the goods your country produces are uniquely positioned in some way (ie uniquely cheap, uniquely durable etc.). I remember many people predicting that the luxury-good level pricing of the iPhone meant that it would never take off in "non-developed" countries but clearly in 2021, that's far from the truth. I think what people want is access to high-quality and reliable goods/services, rather than globalism or nationalism as a system.
FWIW, I like localism the most due to the psychological/cultural/scaling effects that it produces and hopefully, there's a minimally harmful way to get there without getting stuck in a nationalist rut.
FWIW, I like localism the most due to the psychological/cultural/scaling effects that it produces and hopefully, there's a minimally harmful way to get there without getting stuck in a nationalist rut.