The most recent disruptive events and the spatial reorganization of the world economy: “deglobalization” or “regionalization of globalization”?

Abstract

The global economy has undergone transformations driven by disruptive events that impact on the dominant economic framework, particularly the globalization process, which has been consolidated since the 1970s. Some studies suggest the existence of a “deglobalization” movement, characterized by a retreat in international economic interconnections and the reconfiguration of global value chains. However, based on economic data and geopolitical factors, we question the permanence of this phenomenon. Our hypothesis argues that “deglobalization” is a temporary process resulting from disruptive events and that a spatial reorganization of global economic connections is taking place, shaping a “regionalization of globalization”. The analyzed economic indicators suggest that, despite the initial impacts of these events, the global economy continues to move toward regionalization without a significant decline in overall performance.