Globalization in crisis: Confronting a new economic reality
Recent shifts in global attitudes and policies towards trade and globalization indicate a potential crisis, characterized by rising protectionism and geopolitical tensions, impacting the global economy's future.
(Generated with the help of GPT-4)
| Quick Facts | |
|---|---|
| Report location: | source |
| Language: | English |
| Publisher: | united_nations_university_world_institute_for_development_economics_research |
| Authors: | Pinelopi Koujianou Goldberg |
| Time horizon: | 2022 |
| Geographic focus: | Global |
Methods
The research method involved analyzing historical data on global trade, public sentiment, and policy changes, alongside case studies of significant geopolitical events. The study also utilized surveys and economic literature to assess shifts in attitudes towards globalization and trade.
(Generated with the help of GPT-4)
Key Insights
The report discusses the evolving landscape of globalization, highlighting significant shifts in attitudes, policies, and politics related to trade. It identifies three phases of change: the first phase began around 2016, marked by growing perceptions of unfair competition and rising inequality linked to globalization. The second phase emerged during the COVID-19 pandemic, focusing on supply chain resilience and the fragility of global trade systems. The third phase, initiated by Russia's invasion of Ukraine in 2022, emphasizes national security concerns and a retreat from free trade, leading to a more protectionist environment. Despite these shifts, the report notes that global trade continues to grow, albeit at a slower pace. The implications of these trends for the global economy remain uncertain, with potential consequences for trade dynamics, economic growth, and inequality. The report concludes by underscoring the need for careful consideration of the effects of globalization on domestic inequality and the importance of resilience in the face of diverse shocks.
(Generated with the help of GPT-4)
Additional Viewpoints
Categories: 2020s time horizon | 2022 time horizon | English publication language | Global geographic scope | deglobalization | economic inequality | geopolitical tensions | globalization | national security | protectionism | public sentiment | resilience | supply chains | trade policy