Deglobalization: New Trends and Challenges in World Economy

Abstract

The article deals with the problem of today’s economy de-globalization in conditions of post-crisis restoration of world economy from 2009 to the present day. The author shows that de-globalization is characterized by aggravation of protectionist policy of states (especially in conditions of combating against COVID-19 pandemic) and extension of sanction regimes. It caused the relative drop in intensity of global trade and global capital flows and at the same time led to the crisis in regional integration in different parts of the world. The article systematized the most widely spread approaches of today’s researchers to the issue of de-globalization. It was found out that expectations of fast return of global economy to the former trajectory of globalization were groundless. The author shows that COVID-19 pandemic fostered disintegration processes in global economy. It was caused not only by objective need to combat against the virus but also by goals of stimulating policy of states essential for overcoming lock-down after-effects. A conclusion was drawn that, on the one hand, de-globalization conditions give states the tools for supporting national manufacturers and development of priority industries but, on the other hand, overall radicalization of political discourse could raise risks of social tension and military confrontation.

Keywords

• globalization
• protectionism
• sanctions
• global trade
• regional integration
• direct investment
• covid-19