{"id":22753,"date":"2021-07-20T17:21:17","date_gmt":"2021-07-20T11:51:17","guid":{"rendered":"https:\/\/plyinsight.com\/?p=22753"},"modified":"2021-07-20T17:21:43","modified_gmt":"2021-07-20T11:51:43","slug":"globalization-old-and-new","status":"publish","type":"post","link":"https:\/\/plyinsight.com\/hi\/globalization-old-and-new\/","title":{"rendered":"Globalization, old and new"},"content":{"rendered":"

Some of the traditional forms of globalization (the free movement of goods, money, people, etc) are in partial retreat, but globalization is changing its style as new agendas come into focus. These now drive action on controlling climate change, taxing global companies, tackling terrorism, sharing vaccines, and the like, cross-border problems in a more integrated world are forcing countries to come together, even as elements of traditional globalization is loosing. The old globalization was essentially good for India. The new globalization could be a mix of good and bad news.<\/p>\n

Global trade, for instance, has begun growing slower than global GDP. This significantly reverses a long-term trend. In only one of the last seven years did the volume of merchandise trade grow faster than the world economy. In 2019, global trade shrank in absolute terms for the first time in a decade, and did so again in 2020 because of the pandemic. Protectionist walls have been going up in several countries, including India.<\/p>\n

Freer world trade has benefited India enormously in the last three decades. There is still a window of opportunity, as many countries want to reduce their dependence on China, which is the world’s largest manufacturing and trading power. India could ride the tide, but other countries have aggressively moved fast to grab the opportunity.<\/strong><\/span><\/p>\n

In goes without saying that other elements of globalization continue unabated, like the cross-border movement of capital- useful for India, since it is a net importer of capital.<\/span><\/strong><\/p>\n

The situation with the climate change agenda is more typical. Though India is an enthusiastic implementer of the Paris Agreement of 2015, it will get no assistance (financial or technical) to switch to new technologies and give up old ones like coal-based energy. At the same time, the countries responsible for much of the historical emission of carbon gases get a free pass. Even on the international supply of vaccines, the numbers agreed on at the recent meeting of the rich club of G7 countries are unremarkable, while India’s push for a patent waiver on covied vaccines awaits attention.<\/p>\n

That leaves the most important element of the new globalization, namely the growth of social media platforms. The giant tech companies that dominate the field have had a free run but have increasingly come up against sovereign state power, including in India. This should be a fit case for the setting of global rules for a global business. Given the rise of powerful autocratic states, it will be a difficult challenge. Time to set global rules is now.<\/strong><\/span><\/p>\n

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Some of the traditional forms of globalization (the free movement of goods, money, people, etc) are in partial retreat, but globalization is changing its style as new agendas come into focus. These now drive action on controlling climate change, taxing global companies, tackling terrorism, sharing vaccines, and the like, cross-border problems in a more integrated […]<\/p>","protected":false},"author":1,"featured_media":22754,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1318],"tags":[],"class_list":["post-22753","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-july-articles-2021"],"yoast_head":"\nGlobalization, old and new - PLY INSIGHT<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/plyinsight.com\/hi\/globalization-old-and-new\/\" \/>\n<meta property=\"og:locale\" content=\"hi_IN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Globalization, old and new - PLY INSIGHT\" \/>\n<meta property=\"og:description\" content=\"Some of the traditional forms of globalization (the free movement of goods, money, people, etc) are in partial retreat, but globalization is changing its style as new agendas come into focus. 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