Essay on Globalization vs sovereignty – Globalization effects sovereignty
Free 800 words essay on Globalization vs sovereignty – Globalization effects sovereignty for school and college students.
With rising protectionism, xenophobia, misinterpreted nationalism, and inward looking socio-economic policies across the globe, there is a growing debate over the preponderance over sovereignty over globalization. There are multiple reasons for the emergence of this anti-globalization phenomenon. It was almost decades after the horrors of Great Depression of 1930 that the recent recession in the year 2008 took the world by storm. Liberal and apparently unregulated capitalism came to a standing still as the sub-prime mortgage crisis in the United States engulfed the entire world with Lehman Brothers crashing down. Unemployment rose dramatically, billions of dollars were lost, economies crumbled, as huge amount of tax payers’ money was doled out to recover these too big to fail banks. The consequences were simmering discontent and infuriating dissatisfaction throughout the world. Globalization was seen as a damaging ideology as every integrated nation-state faced devastating repercussions, in fact some of which are yet to recover. As all hell broke loose, muffled voices of anti-globalization turned into loud demands of sovereignty.
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Globalization is inter-connection, integration, and interdependence of global trade and economy where markets across the world are interlinked in one way or other. This complex interdependence is a direct result of free market economy which involves trade and commerce on a global scale to a magnitude where nation states are unwilling or incapable of intervening with the movement. The complicated and convoluted supply chain management, business process outsourcing, intercontinental recruitments, blazing fast evolution of Internet, connectivity and collaboration are a testimony to successful globalization. Wages have risen, opportunities quadrupled, competition has lowered prices, talent acquisition has created lucrative career options, and the world has virtually shrunk. Such elaborate arrangement has essentially benefited the emerging economies where most of the manufacturing takes place, thereby creating a revolution of growing employment, standard of living, and plethora of indirect advantages in their socio-economic and political lifestyle.
Nevertheless, as many skeptical economists has warned including Harvard based Dani Rodrik, globalization showed its aftermath in the stagnation of wages in the developed economies like the United States and the European Union. The Euro Crisis, Brexit, election of Donald Trump as the most powerful man of the free world, and rising right-wing parties in Europe is a direct consequence of incessant and unthoughtful pursuit of globalization. As billionaires and business titans pocketed huge sums of profit, the middle class of developed nations suffered with virtually no rise in their incomes in addition to deeply troubling unemployment. As pointed out by Thomas Piketty’s book ‘Capital’ and Oxfam researchers, the rich got richer and poor were worsened. A handful of billionaires held a major chunk of world’s wealth. Resentment against the liberal government grew and immigration began to be a major cause of dissatisfied and livid citizenry.
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It is for this reason that the clamor of sovereignty claims grew by leaps and bounds, engulfing almost all developed nations. People started expressing their anger by supporting anti-establishment parties which spoke of curbing immigration, bringing jobs back, applying protectionist policies, and campaigning against globalization. Sovereignty in this context implies greater emphasis to national boundaries, prioritization of nationals in matters of wealth creation or distribution, better opportunities to nationals than the competitive immigrants, and taking back control of the interlinked economy thereby turning it into one’s own favor. This essentially converges as anti-globalization fervor supported even by the hitherto enthusiasts.
The results of these movements have been devastating. The rise of populist leader Donald Trump has caused jitters in the world economy as he quickly withdrew from the multilateral trade deal NAFTA and Paris Climate Change Agreement, and is all prepared to renegotiate NAFTA deal with Mexico and Canada. In fact, his belligerence towards almost all nations having unfavorable trade deficits with the US has been troubling the world leaders and policymakers. The United Kingdom is stuck in the quagmire of BREXIT shock which indicates the Britain is no more a part of the opulent European Union. British inexpediency in the entire process has hampered both its politics as well as economy. Rise of jingoistic parties in Europe who make tall claims of fighting back their sovereignty rights have given rise to populist figures such as Marine Le Pen, Alternative for Germany, Sebastian Kurz, and many more anti-EU leaders. Their propagandist campaign to take back control of their sovereign rights has misinformed and misguided people into conformism with them. Europe is struggling with leadership and so is rest of the world that stands divided, ferocious, and uncompromising.
In these circumstances, neither the livid public nor helpless liberals could be blamed entirely. The enthusiasm of globalization had to be short-lived given its lack of regulation and scale. The process is indeed reversible economically, but has caused great damage to the definition of sovereignty in nation-states. The whole negativity sets a bad precedence and the world leaders need to fix the same before it captures the entire world, and makes global cooperation and collaboration impossible.