Re-Thinking the Globalization System – Consequence of the Economic Crisis

The economic and financial crisis began in 2008 marks the end of an accelerated expansion of globalization. With the World Bank estimating a decline of up to 2 percent, 2009 is likely to be the worst year for the global economy, even developing countries feeling the impact, and China having a growth at a much slower rate than the percent annual growth of recent years. The global crisis requires a global response. In this context of global crises realities, the paper intend to analyze the dimensions and expansion of globalization phenomenon, the challenges for globalization appeared even before the crisis, and the ways in which the crises and the national responses to it have started to reshape the global economy: undermining of the drivers of recent globalization wave, the imperative of the reform of the international financial institutions and of creating new global structures