Some of the traditional forms of globalisation are in partial retreat, but globalisation is morphing as new agendas come into focus.
In 2019, global trade shrank in absolute terms for the first time in a decade, and did so again in 2020 because of the pandemic.
Europe and North America account for over half the total of world migrants, and their number has shrunk, though admittedly by a small margin.
There is still a window of opportunity, in that many countries want to reduce their dependence on China, which is the world’s largest manufacturing and trading power.
An accountant in Bengaluru can work out tax calculations for someone in Boston, and a radiologist in Kolkata can analyse the results of a medical scan for a patient in London.
India should be happy with this, but the primary beneficiaries of the new regime, when it comes into effect, will be the wealthy countries.
Even on the international supply of vaccines, the numbers agreed on at the recent meeting of the rich club of G7 countries are unremarkable, while India’s push for a patent waiver on Covid vaccines awaits attention.
That leaves the most important element of the new globalisation, namely the growth of social media platforms. The giant tech companies that dominate the field have had a free run but have increasingly come up against sovereign state power, including in India.
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