The statement "Deglobalisation is displacing globalisation" suggests a significant reversal of the trend towards increased global interconnectedness that characterized the late 20th and early 21st centuries. While a complete reversal of globalization is unlikely, there is compelling evidence to suggest a shift towards 'deglobalization' or at least a 'slowbalization' and re-orientation of global flows.

Globalization refers to the increasing interdependence of world economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. It was driven by factors like technological advancements, liberalization of trade, and the end of the Cold War.

Deglobalization, conversely, describes a process of decreasing interdependence and integration between national economies and societies. This trend is driven by several factors:

1. Rise of Protectionism and Trade Wars: Countries are increasingly resorting to tariffs, non-tariff barriers, and subsidies to protect domestic industries. The US-China trade war is a prime example, leading to a decoupling of supply chains.
2. Supply Chain Reshoring/Friendshoring: Events like the COVID-19 pandemic exposed the vulnerabilities of extended global supply chains. This has prompted companies and governments to 'reshore' production closer to home or 'friendshore' to politically aligned countries, prioritizing resilience and security over pure cost efficiency.
3. Geopolitical Fragmentation: The growing rivalry between major powers (e.g., US vs. China, Russia vs. the West) has led to a fragmentation of the global economy and political blocs. This includes restrictions on technology transfer, data localization requirements, and sanctions regimes.
4. Nationalism and Populism: The rise of nationalist and populist movements in many countries prioritizes national interests over global cooperation, often leading to policies like stricter immigration controls and withdrawal from international agreements (e.g., Brexit).
5. Digital Sovereignty: Concerns over data privacy, cybersecurity, and foreign influence have led to calls for 'digital sovereignty,' where countries seek to control their digital infrastructure and data within their borders, potentially fragmenting the global internet.
6. Economic Inequality and Backlash: Globalization has been criticized for exacerbating domestic economic inequalities, leading to a political backlash against free trade and open borders.

While deglobalization is evident in certain areas, particularly in trade and capital flows, it's important to note that other aspects of globalization, such as the flow of information and cultural exchange, continue to thrive, albeit sometimes under new forms of state control. Therefore, 'deglobalization' might be better understood as a re-calibration or transformation of globalization, rather than its complete demise. The world is not returning to isolated national economies, but rather moving towards a more regionalized, politicized, and potentially less efficient form of global interaction, where security and resilience are increasingly prioritized alongside economic efficiency.