We have seen some decades in the past causing the world more harms in terms of economic and social disturbances. The decade of 2001-2010 was undoubtedly the one that derailed both social and economic worlds. We saw 9/11 attack that had sent the shivers down the world of what proportion the terrorism had reached as it plucked away so many innocent lives. Towards the end of that decade there was another catastrophe in the form of the Great Economic recession that left many jobless and countries had to suffer its aftermath for the next many years.
The decade that we are living in today,2020 onwards until this moment, has been the most dreaded and forgettable period. We are still in the middle of this decade and we shudder to think what lies ahead till 2030 and beyond. We had witnessed millions of people getting affected and losing their lives due to COVID. Further we are in the midst of two wars that don’t seem to be ending anytime soon and again millions have lost their lives and were displaced. The leaders of the nations have to be more responsible shedding away their intolerance to fellow mankind, embrace peace that will allow people to stay focused on living their life.
These happenings prove beyond doubt that technology has advanced to an extent that we could come up vaccine to arrest the loss of lives in a shorter period of time but the same technology has also made the warfare more dangerous than the previous world wars.
The slowdown of world trade that resulted from the financial crisis was exacerbated by protectionist policies and nationalist movements in recent years. The COVID-19 health crisis that brought economic collapse has prompted policymakers to take deliberate steps toward deglobalization. While the current trend is not likely to end globalization, some argue that “globalization can be reversed, at least partially.” ( Reference note # 2)
The social integration of people has been so rapid due to digital technologies but the economic integration of businesses or inter-trade between countries has somewhat diminished with countries becoming protectionists.
The UN says that there are three mega trends seen today that are related globalisation: shifts in production and labor markets, rapid advances in technology, and climate change. ( Reference note # 3)
The below mentioned notes are older but they seemed to be happening today.
Notes
1. KOF Swiss Economic Institute, Press release. KOF Globalisation Index: Weaker World Trade Slowing Globalisation External
October 23, 2019. Back to text
2. Douglas A. Irwin. The pandemic adds momentum to the deglobalization trend. External
Peterson Institute for International Economics. April 23, 2020. Back to text
3. United Nations General Assembly. Fulfilling the promise of globalization: advancing sustainable development in an interconnected world. Report of the Secretary-General. External
2017.
Trends in Globalization – Globalization: A Resource Guide – Research Guides at Library of Congress
THE PULSE by Sivakumar Gopal 