The New Global Economic Crisis: How Will Globalization Change?
B. A. Kheifets () and
V. Yu. Chernova ()
Outlines of global transformations: politics, economics, law, 2020
The article is devoted to theÂ problem of the impact of the new economic crisis associated with the COVID-19Â pandemic on the development of globalizationÂ processes. The authors focus on four classical streams (trade,Â investment, human andÂ information and communication), whichÂ cover most aspects of international activity. The authors note that the current stageÂ of globalization is characterized by new interconnections andÂ interdependencies of national economies, and international factorÂ flows, even before the spread of COVID-19,Â showed a weakening of the trade and investment component of globalization. At theÂ same time, tourist and migration flows previously demonstrated their ability to quicklyÂ recover even after a slight decline during theÂ crisis of 2008-2009. continued to grow until 2020, when there was a sharp stop. Particular attention is paidÂ to the impact onÂ the globalization processes of the â€œChineseÂ factorâ€ and digital technologies. China, asÂ a â€œglobal factory,â€ is central to global valueÂ chains. Consequences of supply disruptionÂ due to COVID-19 has serious consequences for both MNCs located in China and beyond. Available forecasts show that duringÂ 2020 we can expect an increase in adverseÂ trends in the development of globalization.It is noted that the new crisis will accelerate the development of technologies of the fourth industrial revolution, which play aÂ key role in restoring economies after quarantine. The decade after 2020 is likely to beÂ the decade of the transformation of international production, the development of whichÂ will be determined by the pace and scale ofÂ the introduction of digital technologies. Unlike other areas of globalization, in the fieldÂ of internet penetration and informatization, the pandemic played a positive role,Â significantly increasing the volume ofÂ interstate traffic through the Internet and otherÂ communications. During this period, socialÂ networks, Internet commerce companies,Â new platforms received an additional impetus. In conclusion, the authors conclude thatÂ the restoration of globalization of consumers and the search for new forms and directions of their information and communicationÂ interaction can give a new impetus toÂ the development of modern globalization.
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Persistent link: https://EconPapers.repec.org/RePEc:ccs:journl:y:2020:id:663
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