In the era of 'globalization', a sudden change in trend is to be noticed. Populism which impacts upon the political narratives- supports closed borders.
In recent years. Globalization has entered a new phase driven by structural shocks from financial crises to the undermining of representative democracy.
This is an age of upheaval and disorder epitomized by the rise of Donald Trump to the presidency of the U.S, Great Britain’s unanticipated departure from the European Union (EU), and the rapid growth of populist parties in the established democracies of Europe, as well as in the southern and eastern periphery.
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Reasons for the increase in protectionism- The globalization opened the door of the wealthy and developed nation for developing nations, least developed economies, and island nations.
World Trade Organization did not solve the problem of agricultural protectionism. Nordic countries in their policies block access to their markets to products originating in southern countries. Also, the problem is aggravated by the agriculture excess of developed countries. Coping with globalization will not be possible by increasing national protectionism.
A way ahead: population growth and lack of resources have triggered migration. Developed countries have suffered problems like unemployment etc., yet there can be a sound balance between accepting migrants as well as protecting the interest of their people. The equation should not end into extreme as in long run closed borders will bring chaos.
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Bhim _UPI - 526683880@icici
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America, West Asia, Australia, and Europe all countries have been indulged into practicing the 'protectionism' in different ways.
By starting a new era of trade war against China, the United States government that had pressured many a country to liberalized trade and globalize seems to have turned against its own agenda.
This is an age of upheaval and disorder epitomized by the rise of Donald Trump to the presidency of the U.S, Great Britain’s unanticipated departure from the European Union (EU), and the rapid growth of populist parties in the established democracies of Europe, as well as in the southern and eastern periphery.
The globalization disruption related to the ongoing integration of capital, labor and product markets alongside structural economic and technological change. Economics and politics are pulling in opposite directions.
The logic of market liberalism demands greater openness, free trade, and deregulation to sustain global growth and expansion. Yet the politics of western democracies implore greater national protectionism, using the nation state to defend citizen. The social contract that sustain liberal democracy is under strain.
The logic of market liberalism demands greater openness, free trade, and deregulation to sustain global growth and expansion. Yet the politics of western democracies implore greater national protectionism, using the nation state to defend citizen. The social contract that sustain liberal democracy is under strain.
In 2018, however, major policy threats turned from rhetoric to reality. Disputes between the United States and its largest trade partners prompted tit-for-tat traffic increases.
Meanwhile, countries tightened screening of foreign corporate takeovers, advanced data localization policies, and clamped down on immigration.
While there is no complete 2018 data, there is evidence that such developments have begun to affect some international flows. Trade continued growing but with a slower pace while foreign direct investment flows declined.
Meanwhile, countries tightened screening of foreign corporate takeovers, advanced data localization policies, and clamped down on immigration.
While there is no complete 2018 data, there is evidence that such developments have begun to affect some international flows. Trade continued growing but with a slower pace while foreign direct investment flows declined.
With globalization’s strong momentum running up against powerful headwinds, it is important to recognize that market integration is still limited in absolute terms.
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The foreign operations of multinational firms around the world generate only about 9% of global output. Export of goods and services add up to 29% of world GDP, but even that figure comes down to about 20% if we adjust for output that crosses borders more than once.
This striking juxtaposition of global flows running close to all-time highs but still falling far below managers’ perceptions highlights both the opportunities and the challenges that globalization continues to pose or multinational firms.
Succeeding across borders and distances is till much more difficult than winning at home, but some of the same barriers that constrain international flows also increase the rewards for companies that find ways to overcome them.
Wealth distribution from a developed nation to a developing nation in the form of remittances occurred.
Globalization leads to huge migration from developing nations to developed nations. These migrants contributed to the economy but the somehow rising population of migrants lead to unemployment in nations.
Nations faced crimes specially Europe where migrants from troubled zones of Syria, Iraq, and Afghanistan were alien to the freedom the women enjoyed in Europe and in other developed economies.
The rise in hate against migrants due to above factors gave rise in the popular idea of closing doors of nations and restricting the immigrant’s policies.
What are international organizations doing to protect globalization?
Globalization can be seen as a means or system of acceptance and adherence to the global problem of mankind. The following global issues are considered pressing for mankind:
- The food crisis and underdevelopment
- Huge military expenses
- Inflation and financial-monetary crises
- Energy and raw materials
- Rapid population growth and Environment degradation
In the vision of the United Nations, the globalization of these issues over mankind is based on the uniqueness of the world economy and it is linked to the fact that they occur in almost all countries containing technical, social-economic, political and ecological mutual elements that cause propagation in the chain of the effects that need combined efforts to be solved.
Globalization does not work by itself but through economical – financial policies. These policies, as any subjective factors, can accurately reflect reality or may deviate from it.
Those who develop and apply these policies can only be major economic and financial power centers of the world created by these organizations to serve their interest.
United Nations (UN) with specialized international institutions responsible for different segments of the globalization, the process must act democratically, with transparency, accountable, impartiality and respect for the law.
In this paper, we present some critical points of view regarding the measures and actions of these institutions and also proposals to reform them.
Effective of actions taken by the UN is not the level expected by the member countries. Many developing countries consider that the UN can aspire to become global legislator (Arbitrator of globalization), which can impose a new world order. Many economic problems are necessary for the world to wait to be solved after various global problems.
Reforming the IMF requires modernizing and adoption of financial assistance and must be correlated with a new vision of the conditions imposed on debtor countries because a misguided policy will deepen the national economic problems. Difference between U.S and EU should not be ignored.
1.1 contemporary globalization – conceptual determinations
In the current context, the contemporary economy is approached as a block. States cannot exist in isolation, cannot live outside the network of relationships which are established at all levels. Therefore the world economy must be viewed as a system, as a whole composed of smaller or larger parts, more or less developed.
Economic globalization that characterizes today’s economy, results mainly from transitional corporations and the large enthusiasm of resurgence regionalism obvious in Europe and in other parts of the world.
Globalization as an attack on Democracy
The globalization of recent decades was democratic by the people of the world- the process has been business-driven, by business strategies and tactics, for business ends, government have helped, by incremental policy actions, and by larger actions that were often in secret, without national debate and discussion of where the entire process was taking the community.
The negative impact of Protectionism: one among the leading cause of World War 2 was protectionism.
Due to globalization, there has been an immense amount of reduction in poverty. The rising trend may lead the world again into trouble where unequal distribution of wealth leads to chaos.
Protectionism may create a blocking in trade which again may lead the economic down collectively.
Poor countries may take years to come out of poverty and hunger and disease will prevail.
Sustainable development goals will be hard to achieve.
Bhim _UPI - 526683880@icici
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