De-Globalization and Fragmentation: a new IEP@BU Working Papert
Are we witnessing a phase of increasing economic fragmentation among different regions and geopolitical blocs? What are the reasons for this phenomenon and what could be its consequences?
Globalization went perhaps too far, and maybe even too fast, leaving a toxic social footprint that contributed to the current backlash. This was unsustainable, but de-globalization and fragmentation are likely to be much worse
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Executive Summary
Is the world de-globalizing? Is the global economy fragmenting along geopolitical lines? This article provides an overview of the available empirical evidence on de-globalization and fragmentation.
This evidence does not point to a generalized phenomenon of de-globalization; it is more consistent with a process of slow-balization.
At the same time, there are clear signals of geopolitical fragmentation.
Against this backdrop, the article then provides: a systematic analysis of the underlying phenomena, including both structural drivers and idiosyncratic shocks; a broader reflection on the globalization backlash observed in politics already from the mid-1990s; and a discussion of the costs of de-globalization and fragmentation, both in terms of economic growth and welfare and in terms of peace and security
Italo Colantone
Italo Colantone is an Associate Professor of Economic Policy at Bocconi University, in Milan. He works in the Department of Social and Political Sciences. He is a Research Fellow of the BAFFI CAREFIN Research Centre and of CESifo. He is a Senior Researcher of FEEM.
He teaches "Economics and Politics of the European Union", "European Economic Policy", "Macroeconomics", "Economics of European Integration", and "European Policy". His research focuses on International Trade, Political Economics, and Applied Industrial Organization.
The IEP@BU Mission
Founded by Bocconi University and Institute Javotte Bocconi, the Institute for European Policymaking @ Bocconi University combines the analytic rigor of a research institute, the policy impact of a think tank, and the facts-based effort of raising public opinion’s awareness about Europe through outreach activities. The Institute, fully interdisciplinary, intends to address the multi-fold obstacles that usually stand between the design of appropriate policies and their adoption, with particular attention to consensus building and effective enforcement.
The Institute’s mission is to conduct, debate, and disseminate high-quality research on the major policy issues facing Europe, and the EU in particular, its Member States and its citizens, in a rapidly changing world.
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The IEP@BU Management Council
Catherine De Vries, IEP@BU President
Daniel Gros, IEP@BU Director
Sylvie Goulard, IEP@BU vice-President, Professor of Practice in Global affairs at SDA Bocconi School of Management
Silvia Colombo, IEP@BU Deputy Director
Carlo Altomonte, Associate Professor at Bocconi University and Associate Dean for Stakeholder Engagement Programs at SDA Bocconi School of Management
Valentina Bosetti, professor of Environmental and Climate Change Economics at Bocconi University
Elena Carletti, Dean for Research and Professor of Finance at Bocconi University
Eleanor Spaventa, Professor of European Union Law at Bocconi Law School
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