Globalization

 Definition:
A process of interactions among people, companies and governments of
different nations. A process triggered by international trade and finance aided by
information technology.
 Introduction:
 Globalization – A contested contest

 Manifestations:
 Globalization 1.0
 Globalization 2.0
 Economic globalization
 Political globalization
 Military globalization
 Cultural globalization

 Approaches to globalization:
 Neo-liberal Paradigm (Free market capitalism)
 Keynesian Paradigm (By Joseph Stiglitz)
 Green Globalization
 Hyper globalists (Neoliberalism)
 Sceptics (focused on LDCs)
 Transformationalists (Cosmopolitan democracy)

 Post Globalization:
 Global financial crisis 2008-09 and the rise of populism or identity politics
 Factors → Unequal distribution of benefits of globalization and immigration
 Rise of Populism
 Pandemic
1. The COVID-19 pandemic is driving the world economy to retreat from global
economic integration.
2. National security and public health concerns are providing new rationales for
protectionism, especially for medical gear and food, and an emphasis on
domestic sourcing.
3. This retreat will not mark the end of globalization, a process that has reached a
historically high level.

 Conclusion:
o The world economy is at a critical juncture of history in which fears about
dependence on others are growing. An inward turn would not spell the end
of globalization, only a partial reversal. But undoing the resulting damage
is likely to prove difficult.
o Globalization’s current dysfunction is a product of market forces and will
not be solved either by economic nationalism or a naive return to the open
market liberalism that created it. Instead, the current crisis opens up an
opportunity to create a different approach to globalization, one that
recognizes its tendency to generate problems that it cannot solve itself and
also one that prioritizes people’s safety and prosperity. Our lives depend
on it.