The coronacrisis could accelerate a process that has been under way for a long time: deglobalization. As a result, the global division of labor could be partitioned into competing economic blocs. Economies can rally around a regional hegemon to rid themselves of unwanted competitors through incompatible norms and standards, technology platforms and communication systems, Where will this leave to move up global value chains? Has it already passed its moment of industrialization to catch up.

How can countries like Bangladesh, Myanmar or Pakistan provide a livelihood for hundreds of workers if global brands decide to produce closer to their home markets? And how can middle-income countries like Thailand or Malaysia B2B Fax Database move up the global value chain if this chain is severed for geopolitical reasons? Deprived of strategic options, they may end up much more vulnerable to pressure from their regional patron.

Overnight the era of neoliberalism is coming to an end Suddenly, everything is happening very fast. Within hours, huge sums are pumped into the markets, making the “radical” promises of Democratic presidential candidate Bernie Sanders seem like mere tips. German politicians, who until yesterday bristled at the intellectual games of the young Social Democrat Kevin Kühnert, are now seriously considering nationalizing companies.