The hope was that economic integration would lead to less conflict, but the Russian invasion has proved that to be misguided. The West couldn't imagine Russia doing something so self destructive, but it doesn't have the mindset of authoritarians who do not act entirely rationally, or at least convince themselves of nonsense.
What's really killed globalisation is the realization that in the absence of the self-correcting tendencies of democracy you end up arming your adversaries. Russia has absolutely no qualms about using decades of hydrocarbon sales to try to smite the West. China is an even worse danger as they are actively positioning themselves as being essential to the world economy, but not being dependent on it. Their "unlimited friendship" with Russia is part of that given that Russia can provide critical oil and gas that China cannot produce themselves.