Abstract
The dissolution of the Soviet Union in late 1991 marked a pivotal shift in the global economic landscape, ushering in an era characterized by increased market openness and economic integration. The years following have been symbolized by the formation of the European Union in 1993 and the establishment of the World Trade Organization (WTO) in 1995. The WTO aimed to facilitate international trade under a multilateral framework and establish a robust dispute-settlement system, reflecting the optimism of that era regarding globalization. There was a prevailing belief that a more interconnected world could promote economic prosperity and development. However, this optimism was tested as most financial crises since the 1990s occurred outside G7 countries, including the Asian Financial Crisis in 1997, the Argentine Economic Crisis between 1999 and 2002, and the Turkish Financial Crisis in 2001. In recent years, too, a deglobalization trend has emerged, reversing some of the progress of integration that was achieved in the post-Cold War era. This trend is evidenced by the increasing imposition of economic sanctions, a rise in protectionism, ongoing trade disputes, and heightened geopolitical tensions.
