Deglobalization

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.

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 went down between 1914 and 1970s. This decline refers that their economies become less integrated with the rest of the world economies in spite of the deepening scope of economic globalization.

While as with globalization, it 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.

Periods of deglobalization are seen as interesting comparators to other periods, such as 1850–1914 and 1950–2007, in which globalization had been the norm, given that globalization is the norm for most people and thus even periods of stagnant international interaction are often seen as periods of deglobalization. The globalization index of KOF Swiss Economic Institute shows a clear break for economic globalization in 2009: " The bursting of the dot com bubble and the events of 9/11 merely slowed down the pace of globalization; the latest economic and financial crisis has, however, created a severe setback for the globalization process" In 2010, the standstill in the globalization process basically continued but with different regional patterns: "The biggest upward movement as a region occurred in South Asia (albeit a very minor increase) while Latin America and Sub Saharan Africa saw a very minor decrease in their regional average. High income countries and in particular OECD countries continue their trend of stagnation which has started even before the current crisis."

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