Globalization of the World Economy and Pandemic-2020

DOI: 10.33917/es-1.175.2021.30-43

The impact of the “pandemic 2020” is analyzed both in the short term and taking into account the long-term trend in order to restore national economic sovereignty by national economies; factors of the promotion of economic globalization — the activities of multinational/multinational companies, the US promotion of unilateral sanctions, the level of economic freedom bordering on the ultimate criterion for the loss of national economic sovereignty; financialization of the global economy as a factor in its growth; the dependence of world development on the level of GVCs formed and the existing specialization of the economies of the world, which made them unable to ensure sovereignty, security and health of the nation; it was concluded that the “pandemic 2020” acts as a catalyst for the restructuring of the world economies towards polycentrism and ensuring real reasonable sovereignty, without denying the potential of either vertical or horizontal cooperation and economic interaction

References:

 

1. Perskaya V.V. Sotsial’noe neravenstvo — neizbezhnost’ preobladayushchei v mire modeli sotsial’no-politicheskogo ustroistva [Social Inequality is Inevitable Consequence of the Model of Socio-Political Structure Prevailing in the World]. Sotsial’no-trudovye issledovaniya, 2020, no 1 (38), pp. 8–19.

2. Perskaya V.V., Eskindarov M.A. Vkhozhdenie v mnogopolyarnost’. Ocherki perekhodnogo etapa [Entry into Multipolarity. Essays of Transitional Stage]. Moscow, KURS, 2019, p. 232.

3. The economic situation was stabilising before Covid-19. OECD, available at: https://www.oecd.org/economic-outlook/

4. Yen Nee Lee. 6 charts show the coronavirus impact on the global economy and markets so far. CNBC, 2020, March, 12, available at: https://www.cnbc.com/2020/03/12/coronavirus-impact-on-global-economy-financial-markets-in-6-charts.html.

5. 2019 Index of Economic Freedom. Fond Naslediya, available at: https://www.heritage.org/index/visualize.

6. Farrell H., Newman A. Will the Coronavirus End Globalization as We Know It? The Pandemic Is Exposing Market Vulnerabilities No One Knew Existed. Foreign Affairs, 2020, March, 16, available at: https://www.foreignaffairs.com/articles/2020-03-16/will-coronavirus-end-globalization-we-know-it?utm_medium=newsletters&utm_source=fatoday&utm_content=20200316&utm_campaign=FA%20Today%20031620%20Coronavirus%20and%20the%20Fragility%20of%20Globalization%2C%20Violence%20and%20Division%20in%20Afghanistan%2C%20Saving%20U.S.%20Alliances&utm_term=FA%20Today%20-%20112017.

7. Campbell K.M., Doshi R. The Coronavirus Could Reshape Global Order. China Is Maneuvering for International Leadership as the United States Falters. Foreign Affairs, 2020, March, 18, available at: https://www.foreignaffairs.com/articles/2020-03-18/coronavirus-could-reshape-global-order?utm_medium=newsletters&utm_source=fatoday&utm_content=20200318&utm_campaign=FA_TODAY_031820%20Coronavirus%20and%20the%20Global%20Order%2C%20Iran%27s%20Perfect%20Storm%2C%20Rodrigo%20Duterte%20Cements%20His%20Power&utm_term=FA%20Today%20-%20112017.

8. 2019 Year-End Sanctions Updatе. Gibson Dunn, 2020, January, 23, available at: https://www.gibsondunn.com/wp-content/uploads/2020/01/2019-year-endsanctions-update.pdf.

9. Kramer A.E. Thanks to Sanctions, Russia Is Cushioned From Virus’s Economic Shocks. The New York Times, 2020, March, available at: https://www.nytimes.com/2020/03/20/world/europe/russia-coronavirus-covid-19.html.

10. Ien Ni Li: Kitaiskii fondovyi rynok byl zakryt v svyazi Novym godom po lunnomu kalendaryu i pandemiei [Yen Ni Lee: China’s Stock Market was Closed in Connection with the Lunar New Year and Pandemic]. CNBC, 2020, March, 12, available at: https://www.cnbc.com/2020/03/12/coronavirus-impact-on-globaleconomy-financial-markets-in-6-charts.html.

11. PRESS RELEASE. For use of information media — Not an official record. Bad moon rising: slowing global economy reveals debt distress as biggest threat to international stability. Unctad, 2019, September, 25, available at: https://unctad.org/en/pages/PressRelease.aspx?OriginalVersionID=532.

12. Anderson S., Cavanagh J. Top 200: The Rise of Global Corporate Power. GPF. Global Policy Forum. Corporate Watch. 2000, available at: https://www.globalpolicy.org/component/content/article/221-transnational-corporations/47211.html.

13. Encarnation D.J. A common evolution? A comparison of United States and Japanese transnational corporations. Transnational Corporations, UNCTC, 1993, February; Sauvant K., et. al. Foreign direct investment and international migration. Transnational Corporations, UNCTC, 1993, February, p. 43.

14. Anderson S., Cavanagh J. These figures are from an interview with a statistician at the United Nations Development Program. Top 200: The Rise of Global Corporate Power. GPF, Global Policy Forum. Corporate Watch. 2000. URL: https://www.globalpolicy.org/component/content/article/221-transnationalcorporations/47211.html.

15. Stanley M. Capital International and the International Data Corporation. The Economist, 1993, March, 27, Survey 17.

16. A Game of Global Monopoly. The Economist, 1993, March, 27, Survey 17.

17. Kordos M., Vojtovic S. Transnational corporations in the global world economic environment. 3rd International Conference on New Challenges in Management and Organization: Organization and Leadership, Dubai, UAE, 2016, May, 2.

18. Dies F., Li D. Diagramma nedeli: vozvyshenie korporativnykh gigantov [Diagram of the Week: The Rise of Corporate Giants]. IMFBlogs, 2018, June, 6, available at: https://blogs.imf.org/

19. Asian Economic Integration Report 2019/2020. Demographic change, productivity, and the role of technology. Аsian Development Bank, 2019, November, p. 10. ISBN 978-92-9261-856-8 (print), 978-92-9261-857-5 (electronic) Publication Stock No. TCS190461-2, DOI: http://dx.doi.org/10.22617/TCS190461-2.

20. De Backer K., Miroudot S., Rigo D. Multinational enterprises in the global economy: Heavily discussed, hardly measured. VOXeu, 2019, September, 25, available at: https://voxeu.org/article/multinational-enterprises-global-economy.

21. World Development Report (WDR) 2020 — Trading for Developing in the Age of Global Value Chains. The World Bank, available at: https://www.worldbank.org/en/publication/wdr2020.

22. Goldberg P. How Important Are Global Value Chains For Development? The World Bank, 2019, July, 1, available at: https://blogs.worldbank.org/developmenttalk/how-important-are-global-value-chains-development-read-new-wdr2020-draft-report-and.

23. Triggs A., Kharas H. What the G20 should do about the triple economic shock of COVID-19. Brookings, 2020, March, 23, available at: https://www.brookings.edu/blog/future-development/2020/03/17/the-triple-economic-shock-of-covid-19-and-priorities-for-an-emergency-g-20-leaders-meeting/

24. Chubais: stabfond spaset ot poteri raboty i zarplaty milliony rossiyan [Chubais: Stabilization Fund will Save Millions of Russians from Losing Jobs and Wages]. Vedomosti, March, 25, available at: https://www.vedomosti.ru/economics/news/2020/03/25/826130-chubais.

25. Gross World Product. Statistics Times, 2019, December, 8, available at: http://statisticstimes.com/economy/gross-world-product.php.

26. Tendentsii izmeneniya ob”ema mirovoi eksportnoi torgovli tovarami s 1950 po 2018 god [Trends in the Volume of World Commodity Export Trade from 1950 to 2018]. Statista, available at: https://www.statista.com/statistics/264682/worldwide-export-volume-in-the-trade-since-1950/

27. Statisticheskii obzor mirovoi torgovli – 2019 [Statistical Review of the World Trade — 2019], available at: https://www.wto.org/english/res_e/statis_e/wts2019_e/wts2019chapter03_e.pdf.

28. The future of services trade — World Trade Organization, p. 7, available at: https://www.wto.org/english/res_e/booksp_e/03_wtr19_2_e.pdf.

29. Kitai vosstanavlivaet ekonomicheskuyu aktivnost’ na fone epidemii [China is Recovering Economic Activity Amidst the Epidemic]. RIA “Novosti”, 2020, February, 12, available at: https://ria.ru/20200212/1564598498.html.

30. Wheaton S., Paun C. Europe braces for coronavirus-induced drug shortages. With China responsible for most of the EU’s pharma ingredients, supplies are at risk. Politico, 2020, February, 14, available at: https://www.politico.eu/article/europe-braces-for-coronavirus-induced-drug-shortages/

31. Lupkin S. How Coronavirus Is Affecting The U.S. Pharmaceutical Supply. NPR, 2020, March, 12, available at: https://www.npr.org/sections/health-shots/2020/03/12/814623335/how-coronavirus-is-affecting-the-u-s-pharmaceutical-supply.

32. Glava Instituta Kokha poyasnil prognoz o dvukhletnei pandemii COVID-19 [Head of the Koch Institute Explained the Forecast on a Two-year COVID-19 Pandemic]. RIA “Novosti”, 2020, March, 18, available at: https://ria.ru/20200318/1568786054.html.

33. US airlines used up spare cash buying back shares. BBC, 2020, March, 17, available at: https://www.bbc.com/news/business-51903947