Will COVID-19 support the de-globalization of the world economy? [1.2876]

Abstract

Globalization goes beyond the integration of economies. This phenomenon implies a set of social, cultural and technological interactions, among others, that has had supporters and detractors. The latter claim that the inequality of globalization hinders social progress. In this context, the current COVID-19 pandemic has brought the de-globalization debate back to the international stage, since the unrestricted mobility of goods and services has favored the rapid spread of the pandemic. As a result, governments have taken decisions that threaten global production chains and trade. Empirically, global crises such as COVID-19 have promoted de-globalizing tendencies, strengthening protectionist discourses. Consequently, the challenge lies in rethinking globalization towards a more regionalized world economy, selective de-globalization or selective re-globalization, but without losing sight of the fact that globalization must go beyond a free trade environment and promote genuine cooperation that supports integral and sustainable development.