The world economy will need even more globalization in the post-pandemic 2021 decade

Contractor, Farok J.

doi:10.1057/s41267-020-00394-y

Cited by 129 publications

(110 citation statements)

References 51 publications

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“…Early IB scholars were deeply engaged in broad questions about the efficacy and potential shortcomings of economic globalization; however, most IB scholarship over the past two decades has not been as present in debates about international business policy and practice, effectively ceding that space to political scientists and economists. The introduction of the Journal of International Business Policy reflects a useful response to this shortcoming, as does the work of some individual IB scholars (Contractor, 2021 ). Yet, questions regarding the relevant role and influence of global institutions – what political scientists and management scholars deem “global governance” – have not been of primary interest to IB scholars (Doh et al, 2015 ).…”

Section: Discussion Future Research and Conclusionmentioning

confidence: 99%

Navigating cross-border institutional complexity: A review and assessment of multinational nonmarket strategy research

et al. 2021

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Multinational enterprises are deeply engaged in nonmarket strategy (NMS), including both corporate political activity (CPA) and strategic corporate social responsibility (SCSR). In this review, we document the multinational NMS research according to contributions’ theme, method, context, theory, and level of analysis. We then develop an institutional multiplicity framework to organize our analysis of this large and fragmented body of literature. In so doing, we identify the most impactful contributions within three major themes – multinational CPA, multinational SCSR, and the integration of CPA and SCSR – and their respective subthemes, and call attention to limitations in the extant research. We also highlight promising avenues for future research, including expanding the scope of NMS to incorporate microfoundations research, integrating macrolevel scholarship on global institutions, placing greater attention on the interaction between CPA and SCSR, and incorporating multi-actor global issues and movements. Our review underscores the growing importance and missed opportunities of NMS research in the international business field.

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Section: Discussion Future Research and Conclusionmentioning

confidence: 99%

Navigating cross-border institutional complexity: A review and assessment of multinational nonmarket strategy research

et al. 2021

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“…Infectious diseases are highly contagious and have serious consequences [ 83 ]. Previous studies have explored the economic, market, business, sports industry, and job impacts of the COVID-19 pandemic [ 8 , 9 , 43 , 84 , 85 , 86 , 87 ] but have neglected its effects on individual consumer psychology and behavior. This study filled this gap; we found that the COVID-19 pandemic exacerbated consumer impulse buying.…”

Section: Discussionmentioning

confidence: 99%

“…Third, this study clarified the potential psychological mechanisms underlying the impact of the COVID-19 pandemic on impulse buying. Most studies have examined the impact of the COVID-19 pandemic from a macro perspective [ 41 , 85 ]. In contrast, the present study focused not only on the behavioral changes of consumers, but also on the psychological mechanisms behind the behavioral changes triggered by the pandemic.…”

Section: Discussionmentioning

confidence: 99%

Effect of the COVID-19 Pandemic on Consumers’ Impulse Buying: The Moderating Role of Moderate Thinking

Wang

Liu

et al. 2021

IJERPH

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Based on event systems theory, this study examined the impact of the COVID-19 pandemic on consumers’ impulse buying, as well as the underlying mechanisms and boundary conditions from the perspective of individual consumers. Results of three experiments (N = 437) show that, first, the COVID-19 pandemic enhanced consumers’ impulse buying behavior. Second, two key elements, loss of control and anxiety, mediated the relationship between the COVID-19 pandemic and impulse buying; and third, moderate thinking (also known as Zhong-Yong thinking) moderated the relationship between the COVID-19 pandemic and impulse buying. The findings indicate that in consumers with low moderate thinking, the COVID-19 pandemic has had a stronger effect on impulse buying and has mediated more between the loss of control and anxiety. Conversely, in consumers with high moderate thinking, COVID-19 has had a weaker effect on impulse buying and has mediated less between loss of control and anxiety. This study extends the application of event systems theory and enriches the literature on how the COVID-19 pandemic affects consumer behavior. Furthermore, it provides strategic recommendations for government and consumer responses to COVID-19 pandemic shocks.

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“…Many policy tools through which the state governs the market, such as subsidies, and tariff and non-tariff barriers, and direct ownership of productive assets, hinder globalization. Building a larger state implies addressing a perceived need to interfere more with markets, and hence with globalization, intended, in line with Contractor ( 2021 ), as the circulation of goods, capital, ideas, and people.…”

Section: The Enduring Consequences Of the Pandemic That Will Compromise Globalizationmentioning

confidence: 99%

Why the world economy needs, but will not get, more globalization in the post-COVID-19 decade

2021

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Contractor argues that the coronavirus outbreak only had temporary effects on the global economy, and that post COVID-19 globalization will resume. We posit that the pandemic will have significant long-lasting effects on globalization. Our arguments are grounded in three observations. First, the pandemic has increased inter- and intra-country inequalities and has reversed trends in poverty reduction, which will intensify anti-globalization sentiments in the future. Second, the pandemic has fueled populism, nationalism, and the return of the interventionist state in the economy, which has paved the way for a rise in protectionism. Third, governmental responses to the COVID-19 crisis have undermined the multilateral institutions that have thus far facilitated globalization. These forces have resulted in growing global uncertainty and higher costs in international transactions. We argue that global value chains’ reconfiguration will result in a less globalized, and more regionally fragmented world economy. We conclude by suggesting two fertile opportunities for international business scholars: researching commitment failure in international transactions and studying resilience, as illustrative examples of lines of inquiry that can help explain why this latest pandemic will compromise trends in globalization that have dominated the world economy for a long time.

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The world economy will need even more globalization in the post-pandemic 2021 decade

Cited by 129 publications

References 51 publications

Navigating cross-border institutional complexity: A review and assessment of multinational nonmarket strategy research

Navigating cross-border institutional complexity: A review and assessment of multinational nonmarket strategy research

Effect of the COVID-19 Pandemic on Consumers’ Impulse Buying: The Moderating Role of Moderate Thinking

Why the world economy needs, but will not get, more globalization in the post-COVID-19 decade

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