Globalization has accelerated the spread of COVID-19 across borders, but the pandemic is also challenging globalization. Lockdowns and travel restrictions have disrupted international supply chains and movement of people. National governments are now determining better protections from infectious diseases while balancing the benefits of open travel. The pandemic may slow or even partially reverse trends toward greater economic interdependence between nations as companies reevaluate reliance on cross-border supply chains. However, as the global village is highly interconnected, humanity will need to increase multilateral collaboration to address common challenges like pandemics that no single nation can solve alone.
Globalization has accelerated the spread of COVID-19 across borders, but the pandemic is also challenging globalization. Lockdowns and travel restrictions have disrupted international supply chains and movement of people. National governments are now determining better protections from infectious diseases while balancing the benefits of open travel. The pandemic may slow or even partially reverse trends toward greater economic interdependence between nations as companies reevaluate reliance on cross-border supply chains. However, as the global village is highly interconnected, humanity will need to increase multilateral collaboration to address common challenges like pandemics that no single nation can solve alone.
Globalization has accelerated the spread of COVID-19 across borders, but the pandemic is also challenging globalization. Lockdowns and travel restrictions have disrupted international supply chains and movement of people. National governments are now determining better protections from infectious diseases while balancing the benefits of open travel. The pandemic may slow or even partially reverse trends toward greater economic interdependence between nations as companies reevaluate reliance on cross-border supply chains. However, as the global village is highly interconnected, humanity will need to increase multilateral collaboration to address common challenges like pandemics that no single nation can solve alone.
Globalization has accelerated the spread of COVID-19 across borders, but the pandemic is also challenging globalization. Lockdowns and travel restrictions have disrupted international supply chains and movement of people. National governments are now determining better protections from infectious diseases while balancing the benefits of open travel. The pandemic may slow or even partially reverse trends toward greater economic interdependence between nations as companies reevaluate reliance on cross-border supply chains. However, as the global village is highly interconnected, humanity will need to increase multilateral collaboration to address common challenges like pandemics that no single nation can solve alone.
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Jasslyne D.
Gildo BSA 2-A
Globalization in the time of Covid-19
Globalization is the rapid technological-intensive movement of commodities, individuals, money,
knowledge and resources across borders. Globalization has been considered to be the new standard over the past decades. It is also clear now that the pandemic of COVID-19 is a global, systemic phenomenon with major implications for the well-being and lifestyles of people, national economies and political leaders on all continents. The omnipresence of Covid-19 presents a challenge to globalization in a different magnitude.
The current pandemic has triggered a dramatic shrinkage in world trade. Lockdown and travel restrictions have disrupted international supply chains and people's movements. It has also revealed national problems to be resolved and changed. There are already different kinds of constraints on the globalization of people, including short-term travel or trade. National governments are now determining or recommending better protections against the risks of infectious diseases against the benefits of easy travel. In the other side, financial globalization is partially influenced. Migration and business travel, along with investment opportunities at home, are hindering transnational capital flows.
The pandemic may slow down some globalization trends that have already decelerated (or maybe even reverse) further. In trade estimates, the probability of supply chain disturbances will be increased. Decisions on reduced travel barriers should be subject to further scrutiny. The pandemic, in particular, has a devastating effect on companies and companies which benefit from cross-border economic interdependence. China is the largest manufacturing facility in the world and is the center of many supply chains. Many companies that had come to rely on China have been badly hit since the outbreak of this coronavirus. The pandemic is without question a global threat needing a multilateral response.
When this pandemic comes to an end, the world will never be the same and neither will the cycle of globalization. Globalization is far more than mere globalization today. Since the global village is highly interconnected, humanity needs to turn up, not dial down, transboundary collaboration in a bid to address common challenges together, such as pandemics, climate change, terrorism and other problems that no nation can solve on its own. There is every reason for human race to work together to help this relentless phenomenon take a turn for the better.
