End of the Globalisation as we know it.

Globalisation was the buzzword of the earliest 21st century.  This one word held more value than anything else and to be honest contributed in large numbers in developing the world. As the years passed, the globalisation efforts increased. Nations opened up, economies were ready to gather investment and provide exchange of labour and resources and everything started flourishing. It felt like this fertilizer of 'Globalisation' was making the garden called 'earth' bloom or rather should I say 'economic garden' of 'some countries' bloom?

We noticed that major corporations left their homelands in search of places where they could just turn down their manufacturing costs and sell at possibly lower prices to gain market or sell at the regular prices keeping their profit margins high. But a few years down the road and things weren't as magical at it seemed. The so termed Developing countries felt the shift. As the years passed the labour wasn't cheap enough and hence for the same touted reasons for the globalisation as before, everything shifted from one place to another.

Later in the 2010, we saw some serious trade regulations popping up from everywhere in one form or the other. Globalisation was meant to bring the whole economy together whereas now it became tool to influence. It was touted as like a job opportunity for a country. Demands for FDIs increased irrespective of the country's development status. For the businesses and the economic organisations, it was like their dream come true.

They started exploiting legal loopholes here and there without any one stopping them. Profits of a few increased and pockets of a few deepened. Governments were now deep in debt and the wave of nationalisation was increasing. With the help of the new gained economic prowess during this quick period of expansion, companies lobbied for their benefits. Even though there were some unsuccessful attempts and there were issues with trade wars and bans. But again, it became so easy to escape the legal clutches by exploiting the loop holes.

For example, India applied tariffs on the smartphones made outside India. MNCS, started Assembling smartphones in the country to get heavy tax benefits and get in the good image of the country's government. China wanted every factory to stay as it was but the country was almost developed and now the average wage was something that the companies didn't feel cheap anymore. Companies started to think about leaving to Africa and South East Countries as they gave the same prospects like the china during early 2000s

If you ask me, I'd say 'globalisation' was the name for 'economic colonisation'. The governments felt that they no longer held any power over their own economies. Business Magnates were ruling the world via the soft power and no one could stop them. But one thing did halt their dreams in their tracks. All the random overtaking, hiding company origins and power of a one organisation by changing brand names and making it look different. All such efforts of masking multitudes of profits and power came to a screeching halt thanks to Covid-19.

If you think wisely, whom as this 'globalisation' benefited in reality? USA? Nah, Americans are struggling for jobs and deep in debt. China? Nah, people in those smartphone manufacturing are more like slaves than employees. India? Nah, half of the country somewhere still eats only once a day. Do you know majority of the companies are owned by one major firm or the other. Brand names help to create image of a new competitor. For ex, OnePlus and Oppo, one you might hate but other you might love both are children of the same parent. World's almost every other eyewear brand is owned by one single company. Do you I need to say more?

I mentioned, 'End of the Globalisation as we know it.' in the title as after the pandemic nationalism will take over. Countries will attempt to boost their own local markets by hook or by crook. Trade wars, sanctions and what not are yet to arrive. But, I feel this will undo the injustice done by the smart globalisation efforts where the only the rich benefitted and poor just went down the drain into poverty. The situation currently, where a simplest, toy needs at least 5 countries coming together to come into existence. Want to know how? A company registered in country no 1, has it's main market in country no 2, selling products assembled in country no 3 by the parts made in country no 4 which got it's raw materials from country no 5.

This situation is changing very rapidly. Even though, I am not an economist but I can say with the help of little common sense that some things needed a break and a change of direction. 

Let's see what happens in the world next. What will be the next phase of 'Globalisation'?  

Do comment and share your thoughts about it! I'd love to know what do you think. Also, I'd keep updating it quite often so do follow the Website to get all the updates by clicking here.

Also, a minor headsup.... Obsessed is free to read on Kindle Unlimited! Do check it out. I'd be glad to read your reviews!
Share :

Are you getting regular fresh content updates? If not click on the button below.


Post a Comment

Do comment and share your thoughts.