THE RELATIONSHIP BETWEEN GLOBALIZATION AND THE ECONOMIC CRISIS

Abstract

Since 2007, the whole world has been facing a very severe economic crisis. The most important economies of the world have been going through a period of deep recession. In this matter, globalization has had a major role. Consequently, the aim of this paper is to analyze the link between globalization and the current economic crisis and to highlight the complexity of the relationship between the two phenomena. The research method used is documentary study, representative papers in the field being analyzed. The findings led to the conclusion that the two phenomena influence each other. On one hand, the economic crisis has spread rapidly around the world due to globalization and, on the other hand, the process of globalization has been affected by the crisis. The study also revealed that the current crisis is not just an economic crisis but a systemic one, a truly global crisis. It is obvious that there were and there will still be changes as a result of the crisis and not just economically, but the magnitude of these changes remains to be seen.