Are we going through a phase of retreating globalisation?Globalisation has changed tremendously the lives of people. Right front Washington consensus of 1990s trade has grown leaps and bounds. Measures like opening economy, increasing FDI, deregulation of industries, export oriented policies have been favoured by G20 nations including self proclaimed communistic countries like Russian federation. Despite south Asian crisis of 1998 free trade was favoured.
But since Debt servicing crisis of 2008 and following Greek bankruptcy crisis world has changed. Though nations still talk of free trade their polices are opposite like currency war, anti dumping duties, trade restrictions etc. Particularly after Chinese overflow crisis of 2015 Governments across the world including U.S has come out of famous trade pacts and economic agreements.
Does the above signify retreating globalisation. I still use the term globalisation because the world is still interconnected and fallout of one countries policies affect entire world.what could be its implications on society, economy. Even in WTO fair trade is replacing the concept of free trade.
So friends what lay for us in this retreating globalisation.