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Corresponding Author:
Nicola Acocella, University La Sapienza, Memotef, Rome, Italy

The Impact and Future of Globalisation

August 29, 2023
JEL classification: F10; F15; F53; F61; F62
Keywords: Globalisation; Efficiency; Equity; Imbalances; Global Value Chains; International Governance

Abstract

The paper deals with the consequences of globalisation and its future trends, considering in particular, on the one hand, rising inter-country imbalances and the recent obstacles to the kind of international division of labour implemented by global value chains (GVC). In fact, ungoverned globalisation can lead not only to internal, but also to external economic imbalances, which raises the need for some kind of international coordination. In the last few years notable oppositions have grown, in particular by China and the United States, with tariff wars and the like that can lead to think of a possible future of de-globalisation. This prospect also derives from the effects of the pandemic that have negatively influenced GVC.  The need for re-establishing a tempered liberalism then arises, possibly with an accentuated dose of international sovereignty. The issue arises, however, of how to reconcile the major powers engaged in some sort of policy war.


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Institute for International Economics
of the Genoa Chamber of Commerce


Istituto di Economia Internazionale
Camera di Commercio di Genova
Via Garibaldi, 4 (III piano) - 16124 Genova (Italy)
www.ge.camcom.gov.it