Globalisation, Deglobalisation, Reindustrialisation?

The rivalry for global influence – spanning the economic, political, and military dimensions – is expected to reach its highest intensity since the Cold War over the next decade. While economists offer varying assessments regarding the scale, timing, and implications of these transformations from an economic and social perspective, there is an emerging consensus that at this stage of economic development and due to the intensifying struggle for global dominance, the prevailing neoliberal model of globalisation is facing direct challenges. The profound impacts of wars, pandemics, ecological crises, uncontrolled migration, and, most notably, the global technological revolution, is driving deep and multifaceted structural changes affecting billions of people worldwide. The current global economic and social order is under unprecedented strain, raising a critical question: What trajectory will it ultimately take? This article examines the dilemmas of globalisation in the 21st century, emphasising the role and significance of lessons learned from global free trade and the potential directions for restructuring the existing global economic order. In doing so, it seeks to address the question of how the market economy model may evolve in the near future.