Rethinking globalization: Some reflections

Abstract

Today the world appears to be fluctuating between two options: rise of deglobalization, with nationalism to set priorities against globalization; or to find an alternative to globalization in the form of De-Globalization or ReGlobalization. A new phase of globalization began in the post-war era when the world economy was recovering from the great depression in the 1950s, it picked pace in the 1980s. It continued for almost six decades, seeing the rise of South-East Asian giants, the rise of China and emergence of the US as a unipolar superpower. Some thinkers argue that Re-Globalization is related to China's Belt and Road Initiative to promote passionate economic integration with the large part of the world. De-globalization has begun on the ashes of the great downturn of the economy which saw a new wave of protectionism overwhelming the world. At a time when the major economies of the world are showing signs of credible recovery in synchronized manner from the recessionary phase, which began in 2008, US President Donald Trump's “Buy American, Hire American” theme threatens to disrupt global trade in goods and services. The phrase de-globalization is used by trade and industry observers to bring to light the trend of several countries through which they want to put their national interests first. This term is not only used in economic fields, but also changing the human related policies like jobs, environmental and health issues, migration policies and visa policies etc. This paper will deal with the effects of this shift from feeling of “Global Village” to “My Country First”.