The New Face of Globalisation

Abstract

Using the comments from economists, world leaders, and results from exploratory and empirical studies, it was established that regionalisation was fast taking a centre stage in the process of globalisation. This implies that regional bodies would assume a key role in negotiations in the new face of globalisation. A further implication is that national leaders would assume important roles of directing their nations to derive benefit from globalisation. It is argued that since China appears to have a more liberal view of globalisation, she is likely to become the main driver of the new face of globalisation. This assertion is supported by the pattern of her international trade, foreign direct investment in the world, and her increasing relevance in world economy because of her economic growth. World bodies such as the World Bank and the International Monetary Fund will not disappear, but their activities will come under intense scrutiny by anti-globalists forces in most countries. National leaders will no longer rush to these bodies for bailout without doing a very thorough evaluation of the pros and cons of such move.