Deglobalisation

Are we moving away from Globalisation?

Globalisation is based on the premise of free flow of people, goods and services across international borders.

The rise of right wing parties across Europe, the pullout of the United States from the Trans Pacific Partnership, the Brexit vote and the America First policy of the Trump administration point to the rising inward looking policies of governments across the world. The call for erecting a Mexican wall at the US-Mexico border as well as the closure of European borders for refugees from the Middle East serve as another threat to the existing liberal global order. The hike in Visa fees, stringent requirement norms for H1B Visa by the US as well as the 457 Visa Programme of Australia demonstrate how free flow of services is being impeded.The multilateral financial institutions like the World Bank are slowly ceding space to regional initiatives like the Asian Infrastructure Investment Bank (AIIB) and the New Development Bank (NDB).

Though it is too early to write the eulogy of globalisation, the rising trend of protectionism is however, clearly evident.