Purpose – After decades of hypergrowth, since the 2008 global financial crisis there has been a deceleration of globalization and apartial jamming of its main engines (trade and foreign direct investment [FDI]). This study aims to critically reflect on the currentphase, labeling it as “win-lose globalization” characterized by firm-firm competition increasingly intertwined with that between therespective nation-states, which aim to be the relative winners, even at the expense of joint absolute gains. Acting as “strategists,” statesimplement policies to weaponize economic interdependences, which the paper analyzes.Design/methodology/approach – The approach is “problem setting” rather than “problem solving.” The latter offerswell-defined solutions but often assumes unambiguous definitions of problems, which obscure their complexity. This phase is sointricate that the problem itself is problematic. Thus, to advance knowledge, the focus is given on nation-state policies: FDI screeningand 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 ultimateresult of the contradictions and dissatisfactions accumulated over decades of globalization, the benefits of which have beenfar from equally distributed. Conflicts in international economic relations are bound to intensify, and a return to win-win globalization isunlikely. International cooperation to strengthen existing/new supranational governance institutions in the interest of absolute globalinclusive benefits is urgently needed.Originality/value – The paper integrates the international business debate on the fate of globalization with interpretationsfrom industrial policy studies and international relations theory. This allows for suggestions for policymakers, corporate executivesand 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