The phenomenon of globalization, which refers to societies entering a process of integration in economic, political and cultural fields, has accelerated since the last quarter of the 20th century and left its mark on the social relations of the recent period. The carrier of globalization has been the neoliberal economic policies that have been disseminated across the world since the end of the bipolar world order. The neoliberal economic policy imposed on national economies by supranational organizations aims to remove obstacles to capital. Throughout most of the 20th century, the nation-state, which was the dominant force intervening in the economy, was seen as the most important obstacle on this path, while attempts were made to weaken the functions of the nation-state by transferring them to market forces. In order to legitimize these practices, discourses that globalization will bring freedom, peace and prosperity come into play in this process, while social reality tells a different story. Contrary to the promises of neoliberal globalization, inequalities, ecological risks, wars and economic crises have recently gained visibility. However, the Covid-19 pandemic, which emerged as a result of globalization, has revealed that globalization itself has entered a crisis. The Covid-19 pandemic has been a declaration of the failure of the global market and global organizations. The fight against the pandemic has been carried out with the resources of states instead of global alliances and private initiatives, and this process has enabled the return of nation-state power and effectiveness, which had been in decline for some time. In this context, this study aims to discuss the political and economic paradigm of globalization on the basis of recent developments. [ABSTRACT FROM AUTHOR]