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Is rising protectionism an indicator of the end of globalization?

Believing history as a witness, US President Bill Clinton said, “To this day no generation has achieved such a privilege that we have received; That is – the creation of a global economy in which no one will be left behind. This is an excellent opportunity for us to take on serious responsibility. “This is what we call globalization, which is a process of integration of the world. In this unified world, people exchange goods and services and exchange ideas and innovations.

Now, in this context, if we talk about the perspective of current President Donald Trump, the main essence of his ideas is ‘Ekla chalo’ – that is ‘America First’ policy. Under this, different restrictions have been initiated through tariff, quota and visa on uninterrupted traffic of various commodities, services and citizens. Under the same policy, the Trump Government has announced the elimination of free trade agreements like TPP, NAFTA and TTIP, along with Pacific-North, North Atlantic and Atlantic-based countries. The main purpose of all these steps is to provide protection to American producers, businessmen and personnel from import competition; this is called ideology protectionism.

This dilemma of Clinton vs. Trump i.e. globalization versus protectionism exists not only in the US but in the whole world. If we look at the current global environment with a broader vision, then the whole world is mainly divided into two parts-

Conservationist West: This includes the developed countries of the Western world, which are promoting conservationist ideology, like Britain’s ‘BreakJet’, America’s ‘Make America Great Again’ by ‘America First’. In a similar way, the G-20, a group of developed and emerging countries of the world, has also emphasized on adopting protectionist policies. The opposition of TTI and TPP by the European Union makes it clear that the entire western world has been mobilized against globalization, the result of which is that Paris is shutting the door of Italy’s energy-firm, the American senator The marches are being protested against foreign nationals and goods on their ports and the local industries, which prevent the Chinese goods from reaching Europe, from tariffs Protection is being provided.

Globalized pre-This includes developing and undeveloped countries of Asia, Central Asia and Africa continent. Whereas the process of simplifying the rules for liberalizing the free trade agreement, liberalized tax system and investment is still continuing. It expresses the growing belief in the public and the government of globalization here. We can say helplessly that today the global economy has shifted to Asia. The main thing in this field is – ‘Asian Tigers’, which is the biggest example of the success of free trade in this area. Second, the world’s largest market and India with man power, which is a world in itself. Its diversity is the only one that has flourished and cherished the culture of ‘Vasudhaiva Kutumbakam’. China and Japan are the great powers of this region, whose economy is export oriented. On the other hand, there are developing and undeveloped nations of Africa and Asia, Which are dependent on foreign investment and foreign trade for development. Therefore, protectionist policies will be like lightning for these nations.

After analyzing the above two situations, if we think what happened so suddenly that protectionism has become the mainstay of policy-makers’ policies in place of globalization, the answer is – the global financial meltdown of 2007-08, Economists forced the reconsideration of their economic policies, and the conclusion that has come up with this thought-mindedness is – “Globalization Play in and start protectionism. “

It is true that protectionism can be beneficial for the short-term, but it is also true that only domestic problems will be solved, whereas global problems will be present before us by taking a more vivid form, for example – when multinationals If you go to the country, then in the countries where they were already working, you would leave unproductive, unemployment and absence, while your home In the nation, they will be like unnecessary burden. Similarly, if the Trump Government wants to create an iPhone in the US, the i-phones produced by battling many problems like raw materials and cheap labor will be so expensive that they will be overcome by the reach of the common citizen. So today the world has been integrated to such an extent that the production of many items depends on the countries such as Ford car, The future of Sony Music System and many machines will be stuck in Dharmasankat. Generally speaking, many companies will not get the market for their products, while many markets will not get the product. In such a situation, declaring that globalization is oriented toward its end, it would be an immature thinking.

Globalization is not limited to mere economic integration with free borders or free trade, but it has unified the world in diverse formats like- 

Conceptual Globalization
involves all Internet users, who advocate a world that is more open and more connected.

Neo-economic globalization
involves more than a million companies enclosed in e-commerce, which are more liberal towards globalization and are oriented towards bringing the world closer, so that they can make themselves more powerful by taking advantage of global opportunities.

Social Globalization
Today, all the citizens of the world are living abroad for business, education, research and employment. Such residents are also associated with their pride, who make the globalization of society successful while working hard in the two societies.

Political globalization
Citizens of all countries are residing in almost all the nations of the world. These resident citizens also have the right to vote in those countries, through which a nation is affecting other national policies. In this case, where protectionism will be successful, it is hidden only in the womb of the future.

After this analysis, we can not conclude the conclusion that globalization is introverted. Let’s assume that there has been a decline in investment and employment in the West, but promoting protectionism as a new global system is a sign of western policy of the Western world. There is a fear of conservationists and the public’s unemployment and wage-deduction behind the West’s anti-trade policy, mainly as a result of which the entire western world has come to the streets in protest against free trade today. So conservationist thinkers believe that every government should have the right to enact certain statutory restrictions to provide protection to the economy and citizens in the countryside. After studying the protectionist system, we can say that-

Protectionism is essential for long-term growth In
1870-90, protectionism was considered essential for economic and industrial growth in Europe. In this period where G.N.P. And industrial growth was 2.61 percent and 3.8 percent per annum, respectively, but after liberalization these rates declined to 1.71 percent and 1.8 percent, respectively. This fact is enough to reconsider globalization in itself.

Conservationist thinkers for protection of infant industries consider it necessary to provide protection to new industries with the rapid competition of development, as the UK took the shelter of protectionist policies for industrial revolution and the United States to achieve economic independence.

Economic freedom for political freedom The primary condition
is that it is very common and universal truth that no nation can make a decision by being politically independent and sovereign, unless it is economically dependent on other nations. So globalization makes global finance available, but the weaker nations lose their sovereignty in this way.

Economic empowerment
Conservationist thinkers also consider protectionism as necessary to empower a nation’s local economy. Through this, where a country can reduce its trade deficit through tariff, quota, visa and other rules, then it can also increase the employment and industrial growth rate.

Therefore, we can say that protectionism is important for the short term removal of local problems of one country, but it can prove to be a historical landmark for us to understand the ‘side-effects’ of globalization.

Today, we need a balanced system whose approach is global and the implementation is local, i.e. the ‘globally approach’ which emphasizes ‘think global’ and ‘act locals’. ‘Glocal’ is actually global integration of economic activities. Its purpose is to produce any productive producer in any corner of the world with affordable and better technology and earn a reasonable profit by selling it in any market in the world. Therefore, in the summary, you can say that the ‘Vasudhaiva-Kutumbakam’ is inherent in the ‘glokal’. In which the experience of the past, the strength of the present and the solution to deal with future challenges. The most successful example of ‘glokal’ approach before us is Mahatma Gandhi himself, who acknowledged that –
“I do not want a house that is surrounded by walls, and whose windows have become frozen, but I would prefer an open house where the healthy winds flutter around me.”

Updated: October 17, 2018 — 3:59 pm

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