In the last three decades, the world has undergone rapid global integration, marking one of the most significant advancements in human history. Globalisation is a multifaceted phenomenon, associated with advantages and disadvantages, which have impacted all segments of society differently. The free flow of goods, capital, and people has resulted in increased wealth, lower prices, more products and services, higher wages, and more job opportunities. However, the benefits of globalisation are not distributed equally, and some individuals and communities have suffered job losses, lower wages, and reduced labour and consumer protection standards.
Furthermore, the pursuit of economic growth through globalisation has negatively affected the environment, leading to a perceived lack of legitimacy in the way it has been implemented by powerful corporations and financial institutions. Additionally, globalisation has widened the gap between the rich and the poor, increased inequality, and concentrated wealth among a small group of people. It has also caused decreased job security and wages in certain countries as companies moved to nations with lower labour costs.
While globalisation has the potential to bring significant benefits to all countries, in practice, it has created winners and losers, benefiting the already wealthy and powerful and leaving the poor and vulnerable behind. Globalisation has faced crises in the past, but it has been able to adapt and is unlikely to end due to the recognized benefits of increased economic growth, job creation, and improved living standards.
To address the concerns raised by globalisation, it is crucial to make it more equitable, transparent, and accountable to citizens. This can be achieved by improving the transparency of trade and investment deals, increasing the participation of citizens and civil society organisations in the decision-making process, and ensuring the fair distribution of its benefits. By doing so, we can maintain the benefits of a globalised world while responding to the legitimate frustrations of citizens.
Companies and countries are interdependent, and globalisation is essential for securing supply chains, growing customer bases, finding skilled and unskilled labour, and providing goods and services to the population. Unless authoritarianism and protectionism rise to a global level, leading to economic self-sufficiency in every country, globalisation is likely to persist.
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