Ovidius University Annals: Economic Sciences Series (Aug 2024)
The Recoil of Globalization and the Rising Aspects of Slowbalization, De-Globalization, Re-Globalization and Sustainability for Business and Companies
Abstract
This paper analyzes and presents the recoil of globalization and the rising aspects of slowbalization, de-globalization and re-globalization for business and companies. The analysis and results demonstrated that as globalization united economies and societies, it has led them as well to various challenges where some of them started to de-globalize by moving their business and companies home to avoid the negative impact of globalization and to secure their business values. The rising challenges in the global economy and society have made globalization recoil and move towards the process of slowbalization or de-globalization. The ups and downs in the global GDP, inequality between nations and economies in business values and benefits, the rise of geopolitical conflicts, the expensive technologies and its dominance by developed countries, the slowdown in foreign direct investments (FDIs) are some of the main factors of the slowdown of the process of globalization. In conclusion, there should be an extension and embrace of trade and international business rather than rejecting it to overcome the most pressing challenges of globalization. The reality of re-globalization or even sustainable globalization might be be visible when all the sustainable developemnt goals (SDGs) will be fullfilled.
