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  • Category: Miscellaneous

    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.
  • #609371

    Globalization is a big name. It plays a greater role in the development of an economy. Also, it brings many countries nationally and internationally together for the sake of growth and development.
    The biggest example in today's time , an outcome of globalization is the emergence of the Call centers, or they have arose in two ways, one they call as the 'Business processing outsource' and the other one is 'Knowledge Processing outsource'. Both of them have imparted jobs to lot many job seekers. Including the advancement in the Information technology sector, which played a major role again.
    We are seeing the great impact of digital world, the increased usage of internet, upcoming of smart phones and awareness among people which is again a great sign of us growing through. There is great exchange of goods and services, not only on economic grounds but also in terms of our culture. This can be described as socio cultural integration.
    Having grown economically and politically, globalization contains a lot many disadvantages. The increasing number of demand of goods and services have caused the lack of resources and set up of many firms have caused increasing pollution. Many more ill factors are the areas of development restricts only to certain parts of the country and the other parts remain unchanged and no growth imparted to those places, which has caused rich people to become more rich and also the poor to become more poor.

    Do what inspires you !!

  • #609402
    Globalisation has its impact on almost all the participating countries. The incidents the author mentioned in the post are a few wherein some countries are trying to take advantage of the concept. China producing large volumes if cheaper products and dumping in different countries to increase its share in the Global market. Many other countries are suffering from this policy. To put a stop to the practice of this dumping habit, antidumping duty is effected. So this will give a major setback to that country and other countries can compete with them. Like these changes are for a better implementation of the Globalisation concept. But I don't feel these actions as retreating of Globalisation. If any advantage is there and some country trying to exploit that some amendments are required for the program. Basing on the way the things are happenings we may have to amend and this is exactly the same process is going on. There may not be any threat to the concept of globalisation.
    always confident

  • #609449
    But even then it doesn't justify the need to come out of trade pacts, place restrictions on entry for livelihood, etc. and many other things. These actions doesn't seem to be course corrections but large scale restrictions to globalisation.

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