President Trump at the United Nations this week elaborated on his long-running antagonism toward globalism. “The future does not belong to globalists,” Mr. Trump said. “The future belongs to patriots. The future belongs to sovereign and independent nations who protect their citizens, respect their neighbors, and honor the differences that make each country special and unique.”

There is merit to these concerns, but I think the critics of “globalism,” including most prominently Mr. Trump, underestimate the near-term danger of...