The global economy is undergoing profound transformation driven by complex and often contradictory globalization processes. These changes extend far beyond economic borders, reshaping social, technological, and political landscapes. Despite decades of debate, globalization remains a multifaced and contentious phenomenon, provoking ongoing discussions about its long-term implications. Recent global shocks – including the COVID-19 pandemic, geopolitical tensions, energy insecurity, and supply chain disruptions – have challenged the sustainability of existing development models and revealed the structural fragilities of the global system. Globalization promotes economic growth, innovation, and cross-border cooperation, but it also contributes to widening inequality, undermines national policy autonomy, and amplifies vulnerability to global crises. As digital technologies, TNCs, and new business models become dominant forces, national economies face the challenge of remaining competitive while protecting local interests and ensuring inclusive development. In this regard, the modern world phase of globalization demands a careful reassessment of its mechanisms and outcomes, especially for developing countries that are more exposed to external shocks. The interconnection between digitalization, ecological pressures, and political instability highlights the need for a more integrated and interdisciplinary analysis of globalization. Urbanization, the rise of AI, and the spread of financial technologies further complicate the global economic environment, emphasizing the importance of flexible, forward-looking policy frameworks. As protectionist measures gain ground and international institutions face declining trust, it becomes increasingly urgent to rethink the principles guiding global economic integration. This article addresses the complexity of contemporary globalization by reflecting on its current trends, potential risks, and strategic directions for sustainable transformation. The focus is placed on systematic shifts that demand adaptive responses, balanced policy choices, and cooperative mechanisms capable of ensuring long-term global resilience.
Khomutenko et al. (Wed,) studied this question.