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2017
Asia Needs more Dialogue
Solutions to urban pollution may prove complex
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China’s B&R initiative leading a resurgence of Asia
Education is key - but long-term: Can we survive?
New wave of robots will be beneficial to all
China needs to continue with its ‘heavy lifting’
Time is right for Chinese firms to invest in Europe
Robots to the rescue for China?
Asian Multinationals are Going Global, But to Where?
China ratchets forward with energy efforts
China’s calm necessary for globalization push
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China's new 'springtime' is here
2016
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Unlock talent by finding the right fit for a person
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2015
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Combating Idleness and Deprivation
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A meeting of the two largest economic powers
Why China will experience a 'soft' landing
Beware of superstitions
The Elephant and Dragon move ahead
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Why Battle for Net Neutrality in the US Matters Globally
China’s resurgence – the ‘normal new’
Wanted: A managerial culture that embraces cultural differences
China's early education plan a smart investment in the future
The New Normal for China and India
2014
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US-China climate pact a good start, but not quite enough
Rethink the human’s place in the ‘digital revolution’
China springs a carbon surprise
Infrastructure - the invisible hand in full view
Dialogue vital for survival of Iraqi nation
China must nurture a new generation of beautiful minds
Great expectations in China and India
GM Cereals – The Pros and Corns
Time to be Honest about Our Energy Prospects
Weathering the Storm of Climate Change
Making a Big Decision? Beware of Your Biases
West Deserves Better Logistics Infrastructure
Digital Currencies do Represent the Future
From 'Printed' Houses to Wooden Skyscrapers
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And the most promising green technologies of 2014 are ...
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Oil stopgaps: Not worth risking
2013
Why the US should grant Edward Snowden amnesty
May we be more optimistic!
China headed for another massive social experiment?
A dialogue that worked
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NPOs, NGOs invaluable as creators of dialogue
Look closer and ask: Is America reinventing itself?
Boston bombings case underlines need for dialogue
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Chinese strategists make right moves for growth
2012
Preparing for tomorrow
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Japan in danger of becoming 'just a place to fly over'
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Preserve or Perish
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Mankind’s General Scourge
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Can we control the politicians?
2011
Europe’s reminiscence
China firms should go for win-win in overseas ventures
Of procrastination...
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Small is also beautiful
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Excising the cancer of global corruption
Education, a critical asset
Arab uprisings set in motion forces of creative destruction
A new era of change
We must ensure better education for all
Beijing wary of bankrolling a lost cause
Asean's re-emergence as a local and global leader
Why India's Role in the Global Economy is Still Work in Progress
Its the leadership, stupid!
Reverse globalisation: The new buzzword
Reverse globalisation: The new buzzword
By Frank-Jürgen Richter
Business Standard, September 11, 2011
 

As emerging economies rewrite the rules of globalisation, the West is overtly advocating more protectionism, nationalism and anti-globalisation

 

Globalisation has entered a critical phase, as the on-going economic disruptions have prompted many of us to re-examine its promises. The world today is characterised by pronounced fragility and heightened uncertainty, fed by external shocks and multiple crises that are dangerously self-reinforcing. Against the backdrop of these unprecedented challenges we are witnessing an economic and geopolitical power shift from the developed to the emerging world. By 2030, most of the world’s largest economies will be non-Western and more than half of the world’s largest corporations will have their origins in emerging countries. This will directly impact the way globalisation works.

Last month, the world’s power elite gathered at the Horasis Global India Business Meeting to debate the current state of the Indian economy and the world at large. Participants coined a new buzzword: reverse globalisation. As India and other emerging economies grow in prominence and rewrite the rules of globalisation, some among the initial protagonists of globalisation — the industrialised countries of the West — are overtly advocating more protectionism, nationalism and anti-globalisation. The Global India Business Meeting offered a unique opportunity to wake up consciences and ambitions of the Old West, and to remind the international community of the dangers and sufferings that such attitudes have generated in the past.

One of the main criticisms made of globalisation by its detractors has been that it was western-driven and western-centric — in other words, that the West calls the shots and that most benefits go to the western players. Joseph Stiglitz proclaimed that the so-called Washington consensus vandalised the world.

Yet, as globalisation was gathering momentum, it assumed new and striking features, which run contrary to that western-focused characterisation.

First, non-western national players started to emerge as vital sources of energy and initiative in globalisation. India is clearly one of the new engines of globalisation, with her companies expanding globally at an unprecedented pace. And the country is increasingly turning to Africa and other newly emerging economies, often filling the void left by Western countries. In more than one respect, the world is benefitting from India’s economic growth. Other large countries like China, Brazil and Russia are among the new globalisers, while smaller players (for example, Singapore, Finland and Estonia) contribute to maintaining globalisation’s vitality through niche positioning and technological innovation.

Second, globalisation has moved from being chiefly characterised by a rapid increase in trade and international investment to combining a set of more complex mechanisms and modes of cross-border exchanges. The world is flat, as Tom Friedman holds, and Western multinationals and Asia’s new outsourcing champions combine their talents and comparative advantages to co-produce their services.

Third, some immaterial dimensions of globalisation have started to emerge, in which culture, history and spiritual values are playing an increasingly important role. In 2012, Abu Dhabi will to open a satellite of the famed Louvre museum in the United Arab Emirates — a project that led many French to believe that Europe is selling its soul. This initiative yet remains one of the most exciting examples of what true globalisation could be.

Fourth, globalisation has ceased to be the exclusive business of nation states and big business. A new group of players, which one could call global local players, is assuming increasingly important roles in shaping globalisation: cities are competing with cities, regions with regions, to attract investment and create value at the global level.

Those four trends are not contradicting the first wave of globalisation. Nor are they cancelling it. Reverse globalisation is not a reversal of globalisation — the process of globalisation is irreversible. Actually, those four trends are reinforcing globalisation by giving it the respectability — and hence the sustainability — that it once lacked. Half of mankind still lives on less than two dollars a day: if globalisation does not benefit those people, it is not only doomed to fail: it will also be remembered as a tragedy.

The fact that a country like India, with its almost two-digit growth but also with its 300 million poor people, is emerging today as both a major beneficiary of globalisation and a major driver in its future should be regarded as an opportunity. Yet, it remains a challenge, because the involvement of major players from the emerging economies in globalisation also requires a rapid discussion about their participation in the overall governance of global affairs. Entrepreneurs, investors and consumers should enter a true partnership relationship with India and other emerging economies, making reverse globalisation a win-win proposition for our global economy.

 

The author is founder and Chairman, Horasis

 


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