Journal of International Business Policy - Global Business World - Globalisation Assignment Help

Assignment Task

Abstract
For almost 200 years, globalization has been seen as a positive development, albeit with costs and benefits, and as progress and modernization, a broadening of humanity’s scope from the local and parochial to the cosmopolitan and international. That changed dramatically with the Great Recession, the waves of migration of the last decade, and the global Coronavirus (COVID-19) pandemic of 2020. For many, globalization now connotes economic dislocation, increasing inequality, unwanted immigration, and a vehicle for the transmission of disease. The pandemic reminds us that most economic activity takes place within national borders. It has emphasized
the dangers rather than the benefits of efficient linkages between markets, laying bare the dangers of complex global supply chains where any node can become a ‘‘choke point’’, and the risks of overspecialization or the concentration of technological knowledge and/or production capacity in a single country or region. A more positive view of globalization will require restoring the balance between independence and integration, mitigation of its costs within and between countries, and dealing with redundancy and supply risk.

INTRODUCTION
For almost 200 years, globalization has been seen as a positive development – albeit with costs and benefits – if not an imperative, and as progress and modernization, a broadening of humanity’s scope from the local and parochial to the cosmopolitan and international. While that sentiment was certainly not universal, for much of this period it was dominant. That changed dramatically with the Great Recession of 2008, the waves of migration characteristic of the last decade, and, finally, the global Coronavirus (COVID-19) pandemic of 2020. For many, globalization now connotes economic dislocation and increasing inequality, unwanted immigration, and, most recently, a vehicle for the transmission of disease.

THE RISKS OF GLOBALIZATION BECOME OBVIOUS
The combination of the rise of populist nationalism with the Great Recession and the COVID-19 pandemic has stood these arguments on their head, and emphasized the dangers rather than the benefits of the efficient linkages between markets (Rodrik, 2018a). Most obviously, the extensive and rapid international travel associated with
globalization served as an ideal medium for the very rapid spread of the Coronavirus: it became global in just a few months after first being isolated in China.

THE FUTURE
While my purpose here is analysis rather than forecasting, it is reasonable to ask whether globalization will continue to be seen as ‘‘the thing that goes bump in the night.’’ Over the last century and a half, globalization has been a cyclical phenomenon, and there is reason to believe that we have reached a plateau if not the peak of the second, late twentieth century wave. At the same time, we face an increasing flow of anti-globalization rhetoric and perceptions, fanned by populists taking full advantage of the COVID-19 pandemic.

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