Global Affairs

Jul 23, 2017

Following the 2nd World War, United States of America took lead in devising a global economic and political order. Based on the Bretton Woods gathering of surviving nations, the USA laid down the basis of economic liberalism. This liberalism was based on free trade and globalism. The system came in with its benefits as well as its flaws. The benefits and flaws were actually two sides of the same coin. Economic liberalism brought fruit for the developed nations but at the same time it left little for the developing countries except a hollow slogan of globalization.

This thing became apparent at the G20 summit of 2017. Held in Germany, the summit was marked by immense protests and riots led by the critics of globalism. According to the Economist, these riots were perhaps beginning of a new era; the era of conflict between globalism and nationalism. Both are contrary to each other. The former promotes global collectivism while the latter calls for protection of national interests over global benefits. There are solid reasons behind this new conflict. The developing nations are not finding considerable benefits from globalism. In fact, even if we talk about the developed nations, they have several sectors which seek negative influence from the global policies of trade and politics. International community needs to consider this problem and review the policies being pursued in the wake of globalization. This agenda can be successful in the world only when everyone is promised due share in development. 

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