TY  - JOUR
TI  - The Risk of the Global Economy’s Fragmentation Is Growing
T2  - INTERNATIONAL ORGANISATIONS RESEARCH JOURNAL
IS  - INTERNATIONAL ORGANISATIONS RESEARCH JOURNAL
KW  - global economy
KW  - trade
KW  - fragmentation
KW  - deglobalization
KW  - protectionism
KW  - decoupling
KW  - US
KW  - China
AB  - The article examines the reasons for the fragmentation of the world economy and global trade at the beginning of the21st century. The author explores two aspects of this fragmentation. The first relates to the weakening of the World TradeOrganization (WTO) and its rule-making function, which has intensified regionalization, as manifested in the emergence ofmega trade agreements. Further progress of the latter, while the WTO remains relatively weak, may contribute to the futurefragmentation of world trade, from which small developing countries will primarily lose. The second aspect is largely due tothe consequences of the financial crisis of 2008-09, which resulted in the desire of key players to create more autonomousnational economies and ensure economic security to avoid excessive costs in the event of future crises. This gave rise to talkabout strengthening deglobalization trends. The second aspect also includes the U.S. - China trade war with technologicaldecoupling between them, the influence of geopolitical factors on trade, and the impact of industrial policies of large stateson trade. The final part of the article provides a brief analysis of the negative impact of fragmentation on the global economyand trade. The author concludes that geo-economic fragmentation poses a real threat to the global economy.This article was submitted on 05.02.2024.
AU  - Alexey Portanskiy
UR  - https://iorj.hse.ru/en/2024-19-2/928678139.html
PY  - 2024
SP  - 7-20
VL  - 19