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Deglobalization or deglobalisation is the process of diminishing interdependence and integration between certain units around the world, typically nation-states. It is widely used to describe the periods of history when economic trade and investment between countries decline. It stands in contrast to globalization, in which units become increasingly integrated over time, and generally spans the time between periods of globalization. While globalization and deglobalization are antitheses, they are not mirror images.
The term of deglobalization has derived from some of the very profound change in many developed nations, where trade as a proportion of total economic activity until the 1970s was below previous peak levels in the early 1910s. This decline reflects that their economies become less integrated with the rest of the world economies in spite of the deepening scope of economic globalization.[1] At the global level only two longer periods of deglobalization occurred, namely in the 1930s during the Great Depression and 2010s, when following the Great Trade Collapse the period of the World Trade Slowdown[2] set in.
The occurrence of deglobalization has strong proponents who have claimed the death of globalization, but is also contested by the former Director-General of the World Trade Organization Pascal Lamy[3] and leading academics such as Michael Bordo[4] who argue that it is too soon to give a good diagnosis and Mervyn Martin [5] who argues that US and UK policies are rational answers to essential temporary problems of even strong nations.
While as with globalization, deglobalization can refer to economic, trade, social, technological, cultural and political dimensions, much of the work that has been conducted in the study of deglobalization refers to the field of international economics.
- ^ New York University Department of Sociology (2013). The Sociology Project. United States of America: Pearson. p. 569. ISBN 978-0-205-09382-3.
- ^ Hoekman, Bernhard (2015). The Global Trade Slowdown: A New Normal? (PDF). Florence ; European University Institute, 2015: CEPR VOXEU.
{{cite book}}: CS1 maint: location (link) - ^ Lamy, Pascal; Köhler-Suzuki, Nicolas (June 9, 2022). "Deglobalization Is Not Inevitable". Foreign Affairs.
- ^ Bordo, Michael (September 2017). "The Second Era of Globalization is Not Yet Over: An Historical Perspective" (PDF). NBER Working Paper No. 23786. doi:10.3386/w23786.
- ^ Martin, Mervyn (2018). "Keeping it Real: Debunking the Deglobalization Myth, Brexit, and Trump:-"Lessons" on Integration' ;". Journal of International Trade Law and Policy (Submitted manuscript). 17: 62–68. doi:10.1108/JITLP-06-2017-0020. Archived from the original on November 16, 2018. Retrieved November 5, 2018.