Purpose – After decades of hypergrowth, since the 2008 global financial crisis there has been a deceleration of globalization and a partial jamming of its main engines (trade and foreign direct investment [FDI]). This study aims to critically reflecton the current phase, labeling it as “win-lose globalization” characterized by firm-firmcompetitionincreasinglyintertwined with that between the respective nation-states, which aim to be the relative winners, even at the expense of joint absolute gains. Acting as “strategists,” states implement policies to weaponize economic interdependences, which the paper analyzes.

Design/methodology/approach – The approachis “problem setting” rather than “problem solving.” The latter offers well-defined solutions but often assumes unambiguous definitions of problems, which obscure their complexity. This phase is so intricate that the problem itself is problematic. Thus, to advance knowledge, the focus is given on nation-state policies: FDI screening and the politicization of international trade relations; protectionism; misuses of antitrust and regulation.

Findings – The intensification of firm-firm/state-state competition, seeking disproportionate gains over rivals, is the ultimate result of the contradictions and dissatisfactions accumulated over decadesof globalization, the benefits of which have been far from equally distributed. Conflicts in international economic relations are bound to intensify, and a return to win-win globalization is unlikely. International cooperation to strengthen existing/new supranational governance institutions in the interest of absolute global inclusive benefits is urgently needed.

Originality/value – The paper integrates the international business debate on the fate of globalization with interpretations from industrial policy studies and international relations theory. This allows for suggestions for policymakers, corporate executives and scholars.

Mariotti, S. (2024), "“Win-lose” globalization and the weaponization of economic policies by nation-states", Critical Perspectives on International Business, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/cpoib-09-2023-0089 [1] Sergio Mariotti. Published by Emerald Publishing Limited. This article is published under the Creative Commons Attribution (CC BY 4.0) licence. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this licence may be seen at http://creativecommons.org/licences/by/4.0/legalcode