Globalization in a Covid-19 Afflicted World

This paper attempts to assess the impact that the current Covid-19 pandemic can exert on the globalization process. The pandemic crisis, which fully unfolded worldwide in March 2020, had dramatic consequences for the world population, some of which are of economic character. As some of the global value chains and international trade and investment relationships were destabilized or suspended, a legitimate question as to the possible developments of the globalization process arises. We commence with a multidimensional concept of globalization and its critical evaluation. Subsequently, three possible scenarios of pandemic-induced development are identified and explored: disrupted globalization, de-globalization and finally re-balanced globalization. The discussion of these scenarios also includes implications for economic policy.