The Changing Globalization: What Possible Changes for European Companies?
The Changing Globalization: What Possible Changes for European Companies?

Author(s): Iskra Christova-Balkanska
Subject(s): Politics / Political Sciences, Politics, Economy, Supranational / Global Economy, Business Economy / Management, Economic policy
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: European global values chains; Central and East European countries inclusion in industrial network; COVID 19 and the impact on European GVCs
Summary/Abstract: Globalization has given rise to new forms of production and trade, which have found expression in the fragmentation of production processes within Global Value Chains (GVCs). The European Union is an open economy and the European single market, European GVCs oriented their investments, not only in Southeast Asia and mainly China, but they localize industries in geographically close regions, as Central and East European (CEE) countries. The EU CEE member states were bound by production and trade value chains and they became part of the international trade. Recently, the pandemic crisis related to COVID-19 changed the structure and the organization of GVCs and they followed (albeit more slowly) to strengthen the broken connections and productions. The EU faces new challenges in relation to rising inflation and rising economic and political risk factors. Questions are being asked about the future economic and political power stance in the world and how it would affect European companies and the EU‘s goals towards a digitalized and green economy.

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