From neoliberal to strategic competition: What will happen to Serbia?

Abstract

The disintegration of the world's market and the outbreak of the global crisis show that something went wrong with the process of globalization, which dominated in the previous period. The current crisis of globalization is called deglobalization, and it takes place as strategic competition between the leading economies of the world replaces liberal competition. Consequently, global trade has been falling apart into two trading blocks. The main question is how to protect small open economies from the negative outcomes of such changes. An additional problem for Serbia is that, due to the war in Ukraine, the EU decided to neutralise Russian influence by accelerating the harmonization of the Western Balkans' market with its internal market. That does not guarantee Serbia formal EU membership but imposes a strategic partnership in supplying strategic raw materials. Nevertheless, that is a development opportunity for Serbia, but the price might be (too) high concerning potential damage to the environment and public health.