A political project opposed to neoliberal globalization. The fact that other countries have agreed to it does not indicate a voluntary and free choice, since less dominant countries have no option but to submit to the rules that the dominant countries have made (Grewal, 2008: 278). (International Commerce, Finance, and Investment, 2020, Hag-Min Kim, Ping Li and Yea Rim Lee, Globalization, Inequality and Poverty since 1980, Does globalization affect growth? This study aims to investigate the current deglobalization. Warburton, C. (2017), Trade treaties and deglobalization, Applied Econometrics and International Development, Vol. 36 No. If we accept Stiglitzs adaptions, this problem would be mitigated, and the opposition to political globalization would exist only as an objection to the globalized realm superseding the nation-state authority. These brought about regionalism and has resulted in regional cooperation, like free trade agreements (FTAs), at the country level increasing. This has led to the formation of an international regime globally, leading to the organization of cooperative organizations of domestic and foreign groups and intensification of mutual exchange. MNEs' activities are important to a countrys economy and internationally along the overall GVC chain, to influence international market changes, including national GDP. In conclusion, people can be opposed to globalization under four main objections: that it increases inequality; that it leads to cultural homogenisation; that political globalization is American-dominated; and that it leads to a multiplication of global problems. In respect of worldwide environmental issues, the only way they will be solved is through cooperation; for example, the Montreal Protocol, which has been successful through international coordination in significantly reducing Chlorofluorocarbon (CFC) emissions, which damage the ozone layer (Bhagwati, 2007: 159). 15, pp. 48-53. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees and other services, such as communication, construction, financial, information, business, personal and government services. Our hypothesis is that the deglobalization of developed countries is stronger than that of developing countries. 7, pp. ), The Great Trade Collapse: Causes, Consequences and Prospects, p. 31, available at: www.voxeu.org/index.php?q=node/4267. In this study, the role of the government and the state, which has not been discussed relatively, is more important, while previous research has focused mainly on economic aspects, including international trade and finance. The global pandemic crisis causes every country to make decisions in terms of the international movement of goods and services. Suggest. However, for developed countries, the Gini index can influence deglobalization. In fact, globalization can be used to solve these problems. This study limits the use of few variables to test the antecedents of deglobalization. The KOF Swiss Economic Institute reported countries' globalization index from 1970. Trade globalization has not been increasing, but de facto financial globalization has shown an increasing trend during the past few years. Thus, it appears that America can dominate political globalization by way of controlling inter-governmental organisations. So the anti-globalization movement argues that the global, American culture conflicts with national cultures. An example of this dominance is the Mexican debt crisis of 1995: the USA ordered the International Monetary Fund (IMF) to bail out American bondholders, not even seeking the approval of Japan or the EU, which was in clear contradiction of the IMF charter (Gowan, 2001: 84-5). worldwide integration. Characterizing Russias invasion of Ukraine as a failure of globalization is also confusing. Modern economy, Globalization and History: The Evolution of a Nineteenth-Century Atlantic Economy, About capital in the twenty-first century, Projections of deglobalization in the contemporary international economic relations in the context of the paradigm of globalism, Heterogeneous economic resilience and the great recession's world trade collapse, Applied Econometrics and International Development, https://doi.org/10.1108/ITPD-05-2020-0067, http://creativecommons.org/licences/by/4.0/legalcode, Experienced analysis is made of sub-indexes configured to measure a single dimension using panel data from 123 countries between 1970 and 2000, as well as whether the overall globalization index affects economic growth, This study presents the globalization index, which deals with three main dimensions: economic integration, social integration and political integration. It is a process of slowing down globalization, reducing interdependence and integration between states and thus reducing trade. Nevertheless, the premise that globalization increases inequality is contentious. Those opposed to globalization are therefore fearful of the expanding significance of the global realm, reducing the significance of the nation-state. WebINTRODUCTION. The relative measure shows, rather, a reduction of inequality by 10% between 1970 and 1995 (Wade and Wolf, 2002). Resulting opportunities exist in three areas of international business research: political strategies and roles of multinational enterprises (MNEs), GVCs and the role of the national context, the KOF political globalization index for country, Foreign direct investment, stocks (percent of GDP), Income payments to foreign national (percent of GDP), Taxes on international trade (percent of current revenue), Foreign population (percent of total population), Membership in international organizations, participation in UN Security Council Missions, Membership in international organizations (FTA), Participation in UN Security Council Missions. It is caused primarily by improvements in communication and transportation technology, international trade and investment, and migration. All Rights Reserved | Site by Rootsy. These data reflect weak domestic demand and a corresponding need to push goods abroadthe opposite of consumption-led growth. Therefore, political economic assessments become critical, so economic, political and social factors should be considered together. Most of the reaction seems to have been diversification of the supply chain, which in many ways, is the opposite of deglobalization. Christensen acknowledged there are some aspects of US-China relations where you've seen some decoupling but added this is a very narrow strip of the overall relationship. Dollar, D. and Kraay, A. In addition, the world society that is connected and would like to deal with the consequences of deglobalization. German-born American economist Theodore Levitt has been credited with having coined In the 1990s the anti-globalisation movement opposed neoliberal economic integration from a range of perspectives, with a particular emphasis on the Global South. However, political globalization has a negative effect on manufacturing imports. For example, the US trade deficit against major trading countries has not been solved, even though the US government has put in much effort. 49 No. 2, pp. 26 Opposite Phrases for Globalization - Power Thesaurus With that, it refers to the need for global institutional and regulatory milestones and multilateral inclusive, transparent and effective approaches in order to manage a process of globalization that will benefit all countries and not Then, the depression and the First World War caused the first deglobalization from 1929 to 1979. Globalization Bad. The bad side to globalization is new uncertainty and risks that have risen. It has made the competition between markets intensify. (2 Premise) Companies that we enjoying this globalization are now facing unpredictable demand and business opportunities. A big switch has occurred, and todays backlash against globalisation emerged from concerns about its impacts in the Global North. Economists had previously argued that the losers from trade could be compensated by transfers of wealth. However, criticism came out against globalism, due to inequality and unfairness became critical issues among trading nations. James, H. (2017), Deglobalization as a global challenge, CIGI Paper No. Characterizing Russias invasion of Ukraine as a failure of globalization is also confusing. It is expected that there is a negative correlation between the import share of GDP and the KOF political globalization index. Thus it is favourable to conceive of political and social life in a cosmopolitan sense. 2004: 110). Globalization is an extremely contentious issue, with two core debates revolving around it: firstly, between those who suggest it is a real phenomenon, the globalizers, and those who believe it is very much exaggerated, the sceptics; secondly, between those who are opposed to the effects of globalization, the anti-globalization movement, and those who believe that globalization will bring benefits to the world, the positive globalizers. Higher deglobalization means a country's imports are not increasing. Enjoy a 20% Discount on all IGI Global Books. Countries that have pursued a self-sufficient culture or cultural fundamentalism are usually unsuccessful; North Korea has just reproduced the very worst parts of communism (Hirst and Thompson, 1999: 266-8). Deglobalization is the opposite context of globalization and is the process of diminishing interdependence and integration between certain units around the world, typically nation states. WebOpposite Word of Globalization? Clark University provides funding as a member of The Conversation US. For all these problems, globalization leads to a situation where actions in one country can have effects on the rest of the world; this interdependence requires greater collective action to solve these problems. In the Russian case, although pre-globalization there was little inequality because of communism, those with slight advantages, including government contacts, could take advantage of globalization and became richer, whilst those who did not got poorer. Copyright 1988-2023, IGI Global - All Rights Reserved, Open Access Policies and Ethical Guidelines, Managing Inflation and Supply Chain Disruptions in the Global Economy. The study researched which of the three KOF's globalization index factors, economic, social and political, has the greatest impact on deglobalization. Stiglitz, J.E. In a national context, corporate strategy and roles are important and interact with each other. The inequality that globalization causes inside countries is theoretically explained by the fact that those without capital cannot gain from the economic integration inherent in globalization; thus those with capital grow richer and those without grow poorer (Kakowicz, 2007: 572). In particular, the GVC of MNEs is greatly influenced by uncertainty in international business. In the case of SMEs, national institutional support and protection also have a significant impact. University of Manchester and University of Sussex provide funding as members of The Conversation UK. According to Bello (2004), there are 14 features in deglobalization: (1) production for the domestic market; (2) subsidies at the national level; (3) strong trade policy; (4) industrial policy including subsidies, tariffs and trade to strengthen the manufacturing sector; (5) long-postponed measures of equitable income redistribution; (6) deemphasizing growth but emphasizing upgrading the quality of life; (7) power and transportation systems transformed into decentralized systems based on renewable sources; (8) healthy balance maintained between the country's carrying capacity and the size of its population; (9) environmentally congenial technology; (10) a gender lens to ensure gender equity; (11) strategic economic decisions to the market or to technocrats; (12) civil society monitoring and supervising the private sector and the state and a process that should be institutionalized; (13) the property complex transformed into a mixed economy; and (14) centralized global institutions replaced with regional institutions.
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