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Effects of Covid-19 on De-globalization

In: Globalization, Deglobalization, and New Paradigms in Business

Author

Listed:
  • Pooja Chaudhary

    (Chitkara University)

  • Kulwant Kumar Sharma

    (Chitkara University)

Abstract

Globalization is the integration of international trade, investment, information technology and cultures. Effects of globalization in the last three decades have been both affirmative and contrarian. Emerging economies have benefitted, but it has also widened rich-poor gaps, caused environmental degradation and flight of capital to more lucrative destinations. The leadership change in the US in 2016 accelerated pace of de-globalization, from multilateral to bilateral arrangements. Brexit and Covid-19 pandemic further challenged traditional globalization efforts. The dominance of pharmaceuticals has led many to believe that global free markets have benefited multinational corporations at the cost of common masses, yet the same pharma companies have led a fast recovery from the pandemic globally. De-globalization as a theoretical construct is likely to stay at the fringes and world appears to be not only flat but also shrinking, converting itself to a true “vasudev kutumbakam”(The world is one family). This chapter attempts to understand global politico-economic movement in the midst of pandemic and its impact on deglobalisation. It assesses whether deglobalisation as a movement will continue to grow or it will revert to globalisation with a new-age trade regime.

Suggested Citation

  • Pooja Chaudhary & Kulwant Kumar Sharma, 2021. "Effects of Covid-19 on De-globalization," Springer Books, in: Justin Paul & Sanjay Dhir (ed.), Globalization, Deglobalization, and New Paradigms in Business, edition 1, pages 133-153, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-81584-4_8
    DOI: 10.1007/978-3-030-81584-4_8
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