ISP Working Paper | Great Power Conflicts and the Global Economy

The economic impact of COVID-19-pandemic is serious. Nearly every major power has suffered a massive drop in gross domestic product. Overnight, all economic vulnerabilities of the most powerful states in the world were exposed. The election of Donald Trump marked the beginning of the trend aimed at reassessing the economic vulnerability of one’s own state in the context of advancing globalisation. Although this new group of bilateral protectionists also recognised that the process of globalisation was irreversible, they sought to contain the latter. COVID-19 does not fundamentally change this. It has merely accelerated this process of withdrawal, which has resulted from the resurgence of conflicts among the major powers and has made the national-security people realize that supply chains are also an object of national security.

 

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ISP Working Paper | Muamer BECIROVIC | Great Power Conflicts and the Global Economy