Vijay Prakash Srivastava
When and how the Sanskrit term ‘Vasudhaiva Kutumbakam’ originated, may be the subject of study and research, but this verse indicates somewhere that the concept of globalization was in the mind of our sages from ancient times who believed That the people living on this earth are like a big family. Later on, the concept of globalization evolved into a new form which took on wider dimensions. Globalization formally started in the 1970s. It’s been almost fifty years now. Fifty years is not a long time in history, but it is said that the days of globalization seem to be over. To what extent this argument is valid is a matter of consideration.
Various countries of the world saw globalization as a justified step and hence adopted it. At its core must have been the concept that the earth belongs to all and lives are for everyone. The purpose of promoting globalization was to make countries rise above their narrow interests, to facilitate the flow of capital between them, to increase socio-cultural exchanges and to reduce economic inequality. The positive effects of globalization are also in front of everyone. International tourism has grown steadily, except during the pandemic period, with global exports more than thirty-three times between 1950 and 2010, with more people moving to other countries for education and jobs.
Sharing knowledge just got easier. Someone in Australia calls his bank there, but the answer is actually someone in Bangalore. In 2008, the financial crisis hit America, but it affected the economies of many countries. Corona vaccine was made and applied somewhere else and went to some other country. Each country already has its own currency, but cryptocurrencies have reached all countries except in the few countries where it is banned. All these examples are indicative of the prevalence of globalization.
All this might not have been possible before the era of globalization. There are both big and small countries in the world. Some countries even have the status of superpowers. In globalization, care was also to be taken that no country should show its bully just in terms of size and power and the spirit of peaceful co-existence should be continuously strengthened. Sorry, we didn’t live up to it.
But there is also other side of coin. It has been more than two months since the Russia-Ukraine war. Almost the whole world believes that whatever the differences between these countries, war is wrong and attacking and destroying a small country is not justified in any way. Yet the truth is that neither the United Nations nor other countries of the world have been able to stop this war.
Similarly, the Taliban continued to wreak their terror in Afghanistan and the world could not do anything. Doesn’t this seem to defeat the notion of globalization? Globalization would get stronger when tolerance and generosity increased in the world. But in reality these things are decreasing. It is feared that the new global order may not end globalization anywhere. If this happens, then India and many countries of the world will have to pay its price.
If seen, the benefits of globalization are no less. Free international trade has substantially increased the income of many countries. The poverty of crores of people has been removed. Quality of life has improved. Life expectancy has also increased. Labor mobility has increased. There has been a fall in the prices of goods and services. Liberalization started in India in 1991, then its Gross Domestic Product (GDP) was two hundred and seventy billion dollars, which increased to more than twenty five trillion dollars by 2020. All this would not have been possible without globalization.
But voices have also been raised against free trade. Even though free trade has increased the rate of global economic growth, the distribution of this growth has been sky-high. On the one hand, the number of billionaires has increased, on the other hand, the poor are increasing in the world despite the claims of bringing many people out of poverty. Economic inequality is increasing, especially in developing and underdeveloped countries. Globalization has been ineffective on many systems of governance as well.
In almost half of the countries of the world, democratic order is not restored, human rights violations still continue. Conflicts are going on between and within countries. The progress achieved in the last half century is proving disastrous for the environment in many respects. The discontent arising out of these reasons has given rise to the feeling of nationalism in many circles. This is also being seen in developed countries.
Former US President Donald Trump waged a trade war against China during his tenure. The way China is increasing its interference in the world economy, other countries are also troubled by it. Keeping costs down by paying less workers is a well-intended strategy of Chinese industrialists. The way China has exploited globalization in its favor, the number of countries who are angry with it is no less. Countries are becoming protectionist regarding foreign trade. The World Trade Organization, which was established with the aim of promoting global trade, has become very weak today.
Russia’s attack on Ukraine has adversely affected world trade. Political battles are being fought as economic battles. Many countries have started feeling that it has become necessary for them to be self-reliant. There is nothing wrong in this thinking, but two countries should benefit from mutual trade, the deal should be equal and the world should not harm anyone’s interests, can’t it run like this too? Is it practically possible for all countries to become self-reliant in a big way?
A few months back when China was creating problems within the Indian border area, protests against Chinese products started in the country. At the government level also, there was talk of reducing imports from China. But in the meantime, there was no major reduction in the use of Chinese goods in the country, nor did India’s trade relations with China weaken. Such examples should be enough to understand that the countries of the world, however much they want, cannot live in complete isolation from each other.
It is certain that due to globalization, many changes have taken place in the countries and in the world. If all policies are made keeping in mind only national interests keeping internationalism away, the spirit of mutual cooperation starts decreasing and countries start considering each other as rivals instead of seeing them as allies, peace and harmony from the world starts withdrawing. , then it is not wrong to imply that globalization is weakening.