A survey of previous research on deglobalization reveals studies discussing the implications for multinational corporations by contrasting liberalism and realism, the dichotomous schools of international relations theory. In 2020, the spread of COVID-19 was added to these political economy factors, causing an exogenous economic crisis. When discussing the causes of deglobalization, it is argued from a realist point of view that globalization deepens as hegemonic stability progresses, and that

more »

... globalization occurs when the power of the hegemonic state fluctuates. There is also a view that the balance of power between the United States and China has changed, irreversibly changing the hegemony. This paper raises the hypothesis that countries that mishandle the COVID-19 pandemic may suffer significant economic losses and declining national power, causing hegemonic change. The release of trade and direct investment statistics in future will allow this hypothesis to be tested.