It benefited colluding elites that struck the political agreements to make it happen. It also helped expand a more consumerist society by making a wider range of products accessible to the masses.
But it was never a blueprint for sustainable, long term, globalization (which is in principle a good thing). The colluding elites turned on each other and became geopolitical adversaries (It turns out its not such a great idea to outsource both brain and muscle function to the tiger chasing you)
The financially overextended consumers realized that ever increasing consumption is neither economically viable nor does it ensure a balanced and fulfilled life. And underneath it all a struggling biosphere is sending the increasingly not-so-subtle message that we are nearing a precipice.
Its not clear what will be the successor "scheme". Malgovernance is the norm. Ideally you'd want to take the lessons of this failed large scale social engineering experiment on board. Ensure that economies are built stably, from the bottom up, with "middle class" being the bulk of the wealth distribution, a full range of capacities, adapted to the local environment etc.
Its not clear though that there is anybody that feels the need to learn.