The myth of deglobalisation: Changing forms of international interconnectedness in the 20th and 21st centuries
Abstract
The study examines the historical and empirical validity of the concept of deglobalisation in the two periods of the twentieth and twenty-first centuries most frequently referred to in the literature and public discourse as phases of deglobalisation: the interwar period and the years after 2008. Its point of departure is that the concept of deglobalisation can be used convincingly only if it refers not merely to the slowdown or reconfiguration of certain flows, but to a demonstrable decline in globalisation as a whole. The study therefore understands globalisation not exclusively as an economic process, but as the expansion of cross-border relations, the intensification of interdependencies, and the spread of global consciousness. The analysis concludes that, in the interwar period, deglobalisation could indeed be observed in economic terms; at the same time, however, worldwide interconnectedness expanded in the cultural and political dimensions, while the global interdependence of societies and global consciousness also intensified. In the period after 2008, moreover, economic globalisation shows, at most, signs of slowdown, stagnation, and selective reconfiguration, while cultural globalisation has advanced at a rapid pace; in addition, global interdependence and its social awareness have also increased worldwide. The study concludes that deglobalisation may be misleading as a comprehensive historical category: for the periods of the twentieth and twenty-first centuries examined here, it is more accurate to speak of the reconfiguration and conflict-ridden reorganisation of globalisation.
References
Altman, S. A., Bastian, C. R., & Fattedad, D. (2024). Challenging the deglobalization narrative: Global flows have remained resilient through successive shocks. Journal of International Business Policy, 7(4), 416–439. https://doi.org/10.1057/s42214-024-00197-0
Andre, P., Boneva, T., Chopra, F., & Falk, A. (2024). Globally representative evidence on the actual and perceived support for climate action. Nature Climate Change, 14, 253–259. https://doi.org/10.1038/s41558-024-01925-3
Ashbee, E. (2024). Deglobalization. Agenda. https://doi.org/10.1017/9781788217323
Babić, M., De Graaff, N., & Linsi, L. (2024). The geoeconomic turn in international trade, investment, and technology. Politics and Governance, 12, 1–11. https://doi.org/10.17645/pag.9031
Baldwin, R. (2016). The great convergence: Information technology and the new globalization. Harvard University Press. https://doi.org/10.2307/j.ctv24w655w
Baldwin, R., & Freeman, R. (2022). Risks and global supply chains: What we know and what we need to know. Annual Review of Economics, 14, 153–180. https://doi.org/10.1146/annurev-economics-051420-113737
Baldwin, R., Freeman, R., & Theodorakopoulos, A. (2024). Deconstructing deglobalization: The future of trade is in intermediate services. Asian Economic Policy Review, 19(1), 18–37. https://doi.org/10.1111/aepr.12440
Barnett, M. N., Pevehouse, J. C. W., & Raustiala, K. (2021). Introduction: The modes of global governance. In M. N. Barnett, J. C. W. Pevehouse, & K. Raustiala (Eds.), Global governance in a world of change (pp. 1–16). Cambridge University Press. https://doi.org/10.1017/9781108915199.001
Beck, U. (2000). What is globalization? Polity Press. https://content.e-bookshelf.de/media/reading/L-10868239-7ab7d03f1b.pdf
Casella, B., Borga, M., & Wacker, K. (2023). Measuring multinational production with foreign direct investment statistics: Recent trends, challenges, and developments (IMF Working Paper, No. 113). International Monetary Fund. https://doi.org/10.5089/9798400243530.001
Castles, S., De Haas, H., & Miller, M. J. (2020). The age of migration: International population movements in the modern world (6th ed.). Red Globe Press.
Cerdeiro, D. A., Kamali, P., Kothari, S., & Muir, D. (2024). The price of de-risking: Reshoring, friend-shoring, and quality downgrading (IMF Working Paper, No. WP/24/122). Inter-national Monetary Fund. https://doi.org/10.5089/9798400269646.001
Cross-border M&A guide. (2024). Wachtell, Lipton, Rosen & Katz. https://www.wlrk.com/wp-content/uploads/2025/01/Cross-Border-MA-Guide-2024-final-002.pdf
De Grazia, V. (1989). Mass culture and sovereignty: The American challenge to European cinemas, 1920–1960. The Journal of Modern History, 61(1), 53–87. https://doi.org/10.1086/468191
DHL. (2024). DHL global connectedness report 2024. https://www.dhl.com/content/dam/dhl/global/delivered/documents/pdf/dhl-global-connectedness-report-2024-complete.pdf
Eichengreen, B. (1992). Golden fetters: The gold standard and the Great Depression, 1919–1939. Oxford University Press. https://ideas.repec.org/b/nbr/nberbk/eich92-1.html
Farrell, H., & Newman, A. L. (2019). Weaponized interdependence: How global economic networks shape state coercion. International Security, 44(1), 42–79. https://doi.org/10.1162/isec_a_00351
Federico, G., & Tena-Junguito, A. (2017). A tale of two globalizations: Gains from trade and openness, 1800–2010. Review of World Economics, 153(3), 601–626. https://doi.org/10.1017/S0212610918000216
Federico, G., & Tena-Junguito, A. (2019). World trade, 1800–1938: A new synthesis. Revista de Historia Económica/Journal of Iberian and Latin American Economic History, 37(1), 9–41. https://doi.org/10.1017/S0212610918000216
Freund, C., Mattoo, A., Mulabdic, A., & Ruta, M. (2023). Is US trade policy reshaping global supply chains? (Policy Research Working Paper, No. 10593.) World Bank. https://doi.org/10.1596/1813-9450-10593
Giddens, A. (2009). The politics of climate change. Polity Press. https://content.e-bookshelf.de/media/reading/L-3772203-6fc77dc324.pdf
Goldberg, P. K., & Reed, T. (2023). Is the global economy deglobalizing? And if so, why? And what is next? (NBER Working Paper, No. 31115.) National Bureau of Economic Research. https://doi.org/10.3386/w31115
Gygli, S., Haelg, F., & Sturm, J.-E. (2019). The KOF globalisation index ‒ Revisited. The Review of International Organizations, 14(3), 543–574. https://doi.org/10.1007/s11558-019-09344-2
Halmai, P. (2025). Globalizáció vagy deglobalizáció? Magyar Tudomány, 186(10), 1898–1910. https://doi.org/10.1556/2065.186.2025.10.4
International Telecommunication Union. (2024). Measuring digital development: Facts and figures 2024. https://www.itu.int/itu-d/reports/statistics/wp-content/uploads/sites/5/2024/11/2402588_1e_Measuring-digital-development-Facts-and-Figures-2024_v4.pdf
International Telecommunication Union. (2025). Global connectivity report 2025. https://www.itu.int/itu-d/reports/statistics/global-connectivity-report-2025/
James, H. (2001). The end of globalization: Lessons from the Great Depression. Harvard University Press. https://doi.org/10.4159/9780674039087
James, H. (2018). Deglobalization: The rise of disembedded unilateralism. Annual Review of Financial Economics, 10, 219–237. https://doi.org/10.1146/annurev-financial-110217-022625
Jin, D. Y. (2016). New Korean wave: Transnational cultural power in the age of social media. University of Illinois Press. https://doi.org/10.5406/illinois/9780252039973.001.0001
Keohane, R. O., & Nye, J. S. (1989). Power and interdependence (2nd ed.). HarperCollins.
Khan, Y. (2015). Wars of displacement: Exile and uprooting in the 1940s. In M. Geyer & A. Tooze (Eds.), The Cambridge history of the Second World War (Vol. 3, pp. 277–297). Cambridge University Press. https://doi.org/10.1017/CHO9781139626859.013
Koloh, G. (2024). A paraszt terei. A térérzékelés változása a 19–20. századi Magyarorszá-gon. Századok, 158(1), 43–67. https://www.academia.edu/121590581/A_paraszt_terei_A_t%C3%A9r%C3%A9rz%C3%A9kel%C3%A9s_v%C3%A1ltoz%C3%A1sa_a_19_20_sz%C3%A1zadi_Magyarorsz%C3%A1gon
Lechner, F. J., & Boli, J. (2005). World culture: Origins and consequences. Blackwell. https://doi.org/10.1002/9780470775868
Lechner, F. J. (2009). Globalization: The making of world society. John Wiley & Sons.
Luo, Y. (2022). New connectivity in the fragmented world. Journal of International Business Studies, 53(5), 962–980. https://doi.org/10.1057/s41267-022-00530-w
Manyika, J., Bughin, J., Lund, S., Nottebohm, O., Poulter, D., Jauch, S., & Ramaswamy, S. (2014). Global flows in a digital age: How trade, finance, people, and data connect the world economy. McKinsey Global Institute. https://www.mckinsey.com/~/media/mckinsey/featured%20insights/Globalization/Global%20flows%20in%20a%20digital%20age/MGI%20Global%20flows%20in%20a%20digial%20age%20Executive%20summary.ashx
Manyika, J., Lund, S., Bughin, J., Woetzel, L., Stamenov, K., & Dhingra, D. (2016). Digital globalization: The new era of global flows. McKinsey Global Institute. https://www.mckinsey.com/capabilities/tech-and-ai/our-insights/digital-globalization-the-new-era-of-global-flows
Mayer, M., & Nock, P. J. (2025). Digital fragmentations, technological sovereignty and new perspectives on the global digital political economy. Global Political Economy, 4(1), 2–13. https://doi.org/10.1332/26352257Y2024D000000029
McKeown, A. (2004). Global migration, 1846–1940. Journal of World History, 15(2), 155–189. https://doi.org/10.1353/jwh.2004.0026
Miskell, P. (2016). International films and international markets: The globalisation of Hol-lywood entertainment, c. 1921–1951. Media History, 22(2), 174–200. https://doi.org/10.1080/13688804.2016.1141044
Montaruli, F. (2025). Global trade, capital flows and deglobalization: A literature review (OeNB Occasional Paper, No. 15). Oesterreichische Nationalbank.
Nederveen Pieterse, J. (2015). Globalization and culture: Global mélange. Rowman & Littlefield.
Nieborg, D. B., & Poell, T. (2018). The platformization of cultural production: Theorizing the contingent cultural commodity. New Media & Society, 20(11), 4275–4292. https://doi.org/10.1177/1461444818769694
O’Rourke, K. H., & Williamson, J. G. (1999). Globalization and history. MIT Press.
O’Rourke, K. H., & Williamson, J. G. (2014). Introduction: The spread of and resistance to global capitalism. In L. Neal & J. G. Williamson (Eds.), The Cambridge history of capital-ism: The spread of capitalism from 1848 to the present (pp. 1–21). Cambridge University Press. https://doi.org/10.1017/CHO9781139095105.001
Palmer, M. B. (2020). International news agencies: A history. Palgrave Macmillan. https://doi.org/10.1007/978-3-030-31178-0
Poushter, J., Fagan, M., & Gubbala, S. (2022). Climate change remains top global threat across 19-country survey. Pew Research Center. https://www.pewresearch.org/global/2022/08/31/climate-change-remains-top-global-threat-across-19-country-survey/
Ritzer, G. (1993). The McDonaldization of society. Pine Forge Press. https://www.jstor.org/stable/23118182
Robertson, R. (1992). Globalization: Social theory and global culture. Sage. https://doi.org/10.4135/9781446280447
Rosenberg, E. S. (2012). Transnational currents in a shrinking world. In E. S. Rosenberg (Ed.), A world connecting, 1870–1945 (pp. 815–996). Harvard University Press. https://doi.org/10.1353/tech.2013.0154
Scholte, J. A. (2005). Globalization: A critical introduction. Palgrave Macmillan. https://doi.org/10.1007/978-0-230-21207-7
Sluga, G. (2013). Internationalism in the age of nationalism. University of Pennsylvania Press. https://doi.org/10.9783/9780812207781
Tomka, B. (2023). Globalizáció: Jelentések és definíció (HistGlob Working Paper, No. 10). MTA–SZTE–ELTE Globalizációtörténeti Kutatócsoport. https://globtort.bibl.u-szeged.hu/wp-content/uploads/2023/06/histglobwp10.pdf
Tomka, B. (2025). Hungary: Social and political consequences of the Great Depression. In K. Richter, J. Nithammer, & A. Mandru (Eds.), The Great Depression in Eastern Europe (pp. 233–269). CEU Press. https://doi.org/10.1515/9789633868959-011
United Nations Conference on Trade and Development. (2021). Digital economy report 2021: Cross-border data flows and development. https://unctad.org/page/digital-economy-report-2021
United Nations Conference on Trade and Development. (2024). World investment report 2024: Investment facilitation and digital government. https://unctad.org/publication/world-investment-report-2024
United Nations Statistical Office. (1962). International trade statistics 1900–1960. United Nations. https://studylib.net/doc/18275577/historical-data-1900-1960---united-nations-statistics-div.
Van Bergeijk, P. A. G. (2025a). Deglobalization: Three scenarios. Cambridge Journal of Regions, Economy and Society, 18(1), 157–166. https://doi.org/10.1093/cjres/rsae037
Van Bergeijk, P. A. G. (2025b). Deglobalization and resilience: A historical perspective. Critical Sociology, 51(4-5), 849–865. https://doi.org/10.1177/08969205241246915
Witt, M. A. (2019). De-globalization: Theories, predictions, and opportunities for interna-tional business research. Journal of International Business Studies, 50(7), 1053–1077. https://doi.org/10.1057/s41267-019-00219-7
World Economic Forum. (2025). The global risks report 2025. https://www.weforum.org/publications/global-risks-report-2025/
World Health Organization. (2021). COVID-19 strategic preparedness and response review. https://www.who.int/publications/i/item/WHO-WHE-2021.02
World Trade Organization. (2023). World trade report 2023. https://www.wto.org/english/res_e/booksp_e/wtr23_e/wtr23_e.pdf
World Trade Organization. (2024). Global trade outlook and statistics: April 2024. https://www.wto.org/english/res_e/publications_e/trade_outlook24_e.htm
World Trade Organization. (2025). Global trade outlook and statistics: April 2025. https://www.wto.org/english/res_e/publications_e/trade_outlook25_e.htm

This work is licensed under a Creative Commons Attribution 4.0 International License.






