Deglobalization, Globalization, and the Pandemic

Current Impasses of the Capitalist World-Economy

Authors

  • Alexandre Abdal Fundação Getulio Vargas, Brazilian Center for Analysis and Planning
  • Douglas M. Ferreira Fundação Getulio Vargas, Tsinghua University and Interunion Department of Statistics and Socio-Economic Studies

DOI:

https://doi.org/10.5195/jwsr.2021.1028

Keywords:

Globalization, deglobalization, Covid-19, Pandemic, capitalist world-economy

Abstract

This article is a theory piece focused on causal propositions codification and future trends identification, both supported by descriptive statistical data. It aims to analyze the middle-term dynamics of globalization and deglobalization due to the effects of the 2007-2008 Financial Crisis, in general, and the COVID-19 pandemic, in particular. The broader context in which such dynamics are situated are the processes of capitalist world-economy restructuring, propitiated by the crisis the U.S. hegemony, on the one hand, and by the Chinese rise, on the other. We argue that the COVID-19 pandemic tends to deepen and accelerate ongoing processes of global fragmentation, especially in the productive and commercial dimensions. From the point of view of governments, in particular the United States, there are growing protectionist and manufacturing repatriation efforts. From the point of view of large corporations, the perception of risk derived from the suspension and rupture of global production chains emerges thanks to measures to prevent infection. Somehow, governments and companies can converge on understanding the world market as a growing source of risk and decreasing advantages. The counterpoint here may be China's interest and ability to lead the fight against the pandemic and post-pandemic recovery, restructuring the global order built in the last forty years in new institutional basis and from which it has been the main beneficiary.

References

Abdal, Alexandre. 2020. "É a globalização categoria cientificamente válida e sociologicamente útil?", work presented at IPP/Cebrap. Mimeo.

Amin, Samir. 1977. The Crisis of Imperialism. Rio de Janeiro: Graal.

Amsden, Alice. 2001. The Rise of “The Rest”: Challenges to the West From Late-Industrializing Economies. Oxford: Oxford University Press.

Arrighi, Giovanni. 1994. The Long Twentieth Century: Money, Power, and the Origins of Our Times. New York: Verso.

. 2007. Adam Smith in Beijing: Lineages of the Twenty-First Century. New York: Verso.

Barbosa, Alexandre de Freitas. 2011. “China e América Latina na nova divisão internacional do trabalho.” Pp. 269-306 in A china na nova configuração global: impactos políticos e econômicos, edited by Rogério Pimental Ferreira et al. Brasília: Ipea.

. 2019. “El ascenso chino, las transformaciones de la economía-mundo capitalista.” Pp. 207-241 in La región Asia-Pacífico: desafios para el desarrollo, hoy, edited by Cecilia Salazar and Alfredo Seoane. Bolivia, La Paz: CIDES-UMSA.

Borghi, Roberto Alexandre. 2015. “Growth Trajectories in the Globalism Era: A Macrosectorial Analysis of China and Brazil.” Doctorate Thesis, University of Cambridge.

Braudel, Fernand. 1979. Civilisation matérielle, économie et capitalisme, XVe-XVIIIe siècle: Vol. III. Le temps du monde. Paris: Armand Colin.

Bremmer, Ian. 2020. “Deglobalization, Populism and China's Ascention will Determine New World Order.” Folha de São Paulo, April 23rd.

Brenner, Neil. 2004. New State Spaces: Urban Governace and the Rescaling of Statehood. Oxford: Oxford University Press.

. 2010. “Globalization as Reterritorialisation: The Re-Scaling of Urban Governance in the European Union.” Cadernos Metropole 12(24): 535-564.

Bresser-Pereira, Luiz Caros. 2017. “The Two Forms of Capitalism: Developmentalism and Economic Liberalism.” Revista de Economia Politica 37(4): 680-703.

. 2018. “Capitalismo financeiro-rentista” Estudos Avancados 32(92): 17-29.

. 2019. “Neoliberalismo e nacionalismo de direira: rumos divergentes no mundo rico e no Brasil,” work presented at “Diálogos Luso-Brasileiros” Lisboa: ISEG.

Castells, Manuel. 1999. The Network Society. São Paulo: Paz e Terra.

. 2018. The Crisis of Liberal Democracy. Rio de Janeiro: Zahar.

Chavagneux, Christian. 2020. “Une mondialisation en mode mineur.” IHU Unisinos, May: 1-7.

Dreher, Axel. 2006. “Does Globalization Affect Growth: Evidence from a New Index of Globalization.” Applied Edonomics, 38(10): 1091-1110.

Endelman, Marc and Angelique Hauderud. 2005. “Introduction: The Anthropology of Development and Globalization.” Pp. 1-74 in The anthropology of development and globalization: from classical political economy to contemporary neoliberalismo, edited by Marc Endelman and Angelique Hauderud. Oxford: Blackwell.

Fraser, Nancy. 2017. “The End of Progressive Neoliberalism.” Dissent: 1–4.

Fukuyama, Francis. 1992. The End of History and the Last Man. New York: Free Press.

Guillén, Arturo. 2019. “USA’s trade policy in the context of global crisis and the decline of North American hegemony.” Revista de Economia Politica 39(3): 387-407.

Gygli, Savina et al. 2019. “The KOF Globalisation Index - Revisited". Review of International Organizations 14(3): 543-574.

Harvey, David. 1993. The Condition of Postmodernity. São Paulo: Loyola.

Homma, Akira et al. 2011. “Atualização em vacinas, imunizações e inovação tecnológica.” Ciencia e Saude Coletiva 16(2): 445-458.

IMF. 2020. “A Crisis Like No Other, An Uncertain Recoverey.” Word Economic Outlook Update. June.

Javorcik, Beata. 2020. “Coronavirus will Change the Way the World Does Business for Good Businesses will be Forced to Rethink their Global Value Chains.” Valor Econômico, April 3rd.

Lanchas, Jorge Díaz. 1987. “La paradoja de la globalización.” Letras Libres, May: 1-7.

Lipietz, Alain. 1987. Mirages and Miracles: The Crises of Global Fordism. São Paulo: Nobel.

Manzi, Rafael Henrique Dias. 2019. “Economic Globalization in the Global Post-Crisis of 2008: Limits And Deadlocks”. Brazilian Journal of Political Economy 39(3): 470-484, 2019.

Mauss, Marcel. 1954. “The Gift: The For And Reason For Exchange In Archaic Societies.” London and New York: Routledge.

Offe, Claus. 1989. Disorganized Capitalism. São Paulo: Brasiliense.

Palley, Thomas. 2017. “The Real Reasons for Trump’s Anti-Globalization Circus.” The Globalist.

. 2018. “Three Globalizations, Not Two: Rethinking the History and Economics of Trade and Globalization.” European Journal of Economics and Economic Policies: Intervention 15(2): 174-192.

Patterson, David and Gerald Pyle. 2019. “The Geography and Mortality of the 1918 Influenza Pandemic.” Bulletin of the History of Medicine 65(1): 4-21.

Piketty, Thomas. 2014. Capital in the Twenty-First Century. Cambridge: Belknap Press.

Reinbold, Brian and Yi Wen. 2019. “Historical U.S. Trade Deficits.” Economic Synopses 13: 1-25.

Rodrik, Dani. 2011. The Globalization Paradox: Democracy and the Future of the World Economy. New York: W. W. Norton & Company.

. 1997. “Has Globalization Gone Too Far?” Washington, DC, Institute for International Economics

. 1997. “Will COVID-19 Remake the World?” Project Syndicate, April: 19–21.

Sassen, Saskia. 2001. The Global City: New York, London and Tokyo. Second edition. Princeton: University Press.

. 2007. Elements for a Sociology of Globalization (or A Sociology of Globalization). New York: W.W. Norton & Company.

Wallerstein, Immanuel. 1999. “World-Systems Analysis” Pp. 447-470 in Teoria Social Hoje, edited by Anthony Giddens and Jonathan Turner. São Paulo: Unesp.

. 2004. World System Analisys: An Introduction. Durham: Duke University Press.

Weiss, Linda. 2005. “The State-Augmenting Effects of Globalisation.” New Political Economy 10(3): 345-353.

World Bank. 2021. “Global Economic Prospects: Washington, DC.” World Bank, January.

Wright, Erik Olin and Rachel Dwyer. 2003. “The Patterns of Job Expansions in the USA: A Comparison of the 1960s and 1990s.” Socio-Economic Review 1(3): 289-325.

Downloads

Published

2021-03-21

How to Cite

Abdal, A., & Ferreira, D. M. (2021). Deglobalization, Globalization, and the Pandemic: Current Impasses of the Capitalist World-Economy. Journal of World-Systems Research, 27(1), 202–230. https://doi.org/10.5195/jwsr.2021.1028