civil services chronicle Published this article page no 29 Political GlobalizationIncreased blame game among nations (USAChina) expansionism (e.g. China) leading to global tensions as well as cooperation (e.g. AUKUS QUAD). Some countries have also worked to fight the pandemic jointly (e.g Vaccine Maitri by India). The outbreak of COVID19 and its repercussions have acted like an inflection point for the already fragile ecosystem of globalization. These trends point towards a different form of globalization. Future of GlobalizationGlobalization 4.0 Structural shifts in the Global Value Chain (GVC)o Goodsproducing value chains have grown less tradeintensive which is indicated by the falling value of trade intensity (that is the ratio of gross exports to gross output). o Trade in services has grown faster than trade in goods with the former growing almost 60% faster. o Share of trade based on laborcost arbitrage has been declining. o GVCs are growing more knowledge intensive and are becoming more regional and less global. Geography of global demand is continuously shifting towards developing countries with rising domestic consumption in countries such as India and China civil services chronicle buy.
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