Globalisation is the interaction and integration that exist between companies, governments and people of different cultures. Globalisation involves the sharing of economic goods, data, and technology and the removal of trade and human barriers to more or less achieve a unified global economy.
The world has seen an acceleration towards globalisation from the 18th century due to advancements in technology development which have enhanced transportation, communications, dispute resolution and international diplomacy.
The benefits of globalization are here with us when compared to isolationism, protectionism and regionalization that had previously existed. The world now enjoys increased output, income diversities, migration of labour and international capital flow. The portion of the world’s population living in foreign countries rose from 2.8% to 3.4% between 1995 and 2010, in line with a United Nations’ World Migration Report.
Signs of cracking globalization
The elite segment of society and more developed nations are at the forefront of globalization and have consistently pushed for its success, however, in recent times development within the global space is throwing a lot of spanners at the works of globalization.
- Coronavirus pandemic -The wave and lockdowns during the height of the Coronavirus pandemics almost put a pause on globalization. The speed at which the virus traveled around the world, affected economies, decimated the lives of millions and put almost everything at a standstill is troubling. The pains of getting drugs and supplying the same cast a doubt on relying on far countries.
- Cyber attack – The interconnectivity of economies and communication systems through highly synchronizing technologies and platforms has opened a flood gate of opportunities for cybercriminals to carry out espionage, attack government and corporate organisations. The scale of data theft and the wealth of individuals is unprecedented. Cyber attacks are now launched across continents and countries.
- Russian-Ukraine War – The invasion of Ukraine by Russia is a classic case of reverse globalization after Russia had plugged into the global economy for 3 decades. The sanctions against Russia and the disruption to supply chains due to the war has crystallised spiral increases in the prices of food and oil. Europe is no less regretting relying on Russian oil, gas and wheat.
- U.S. –China Tension: The tension between the United State and China, the two biggest economies in the world is another case study of reverse globalization, both parties are gradually decoupling their technologies, economies and reliance on one another which is not in the true spirit of globalisation
In as much as globalization is a win-win for the global citizens, the United Nations, other multilateral agencies and stakeholders need to keep watch and respond to traits of potential disruptions and violators of the global order to ensure the sustenance of this concept. However, the current tension globally gives more credence to a firm regional blocks system than a very firm globalized order though the two will be needed if we anticipate healthy growth of the world.
