Written by Shamima Tahera (Department of Population Sciences, University of Dhaka)
Deglobalization is basically a concept mostly going for powerful nation state to take some steps or to go through some stages regarding economy, trade, policy to become less connected simply. This is not a mirror of Globalization neither a shadow of it. But for understanding the concept we have to go through not only Globalization but also Slobalization. Now what are those? Perhaps we all know the term Globalization but here Slobalization is just the slower version of Globalization . And it started after 2007-08s global financial crisis. And hence there was so many themes and much more topics I could have selected for my blog from Geopolitics but on the basis of Experts saying in 2023 there will also be a financial crisis. However, in this blog I will try to explain what it is, why this happened, what is the problems regarding Deglobalization and I will also try to build up some connections with real life for understanding some other aspects. And finally, I will try to give some idea for the position of Bangladesh and to some extent future scenario. So yeah, let’s DIVE INTO IT.
HERE, one of the root causes of deglobalization is increase or widening of income inequality. After this 4th Industrial revolution, it has become massive. You may think this is a very recent concept but NO it is not. This deglobalization mainly started at 1970 but its seeds were sown long ago, at 1930. And it can be found in many aspects, one of the majors will be economy. Think about the unwinding of capital flows, think about the barriers in migration process nowadays. It will help us to understand the very basic examples of deglobalization. And why this is happening because of income inequality. People are becoming more self-centered; and this is affecting globally. If we closely have a look into Brexit issue or Trumpism or wider perspective The Russia Ukraine war when we face problems into power and supply chain, we must find a way and hence it is proven because for this war we have faced load shedding type problems but still we coped up with situation. That is basically proving we are slowly entering into the process of Deglobalization. But if I turn the coat by giving the example of COVID-19, yes, it is true globalization is still there. Think about the vaccination programs during covid or post-covid situation. But what I’m trying to say Deglobalization is slow but happening and one time will come I think it will be a vital record in front of the world. Yes, Deglobalization is debatable but if we see the recent years international treaties or the migration policies of different developed countries like China, USA etc. or the norms related to illiberal democracy practicing to some extent nowadays we have to acknowledge this issue very seriously. Because for a country like Bangladesh; we basically grow up with remittance and if we can increase “the number of sending skilled people” then it will be a flourish in Bangladesh’s economy. But when it’s coming to migration policies of developed countries then we can see a big problem. Diplomatic relations are considerable here but if a country won’t allow immigrants in their policy, then it will be a huge problem indeed. Many industries and businesses have become reliant on international trade, investment, and supply chains. If deglobalization leads to a reduction in these activities, it could lead to economic disruption, job losses, and reduced competitiveness for firms. Coming to a universal perspective think about Airbnb, Amazon and other international brands. Perhaps it will be an unimaginable loss for them. And geopolitical rivalries will just increase them. Situation will get worse. Deglobalization could lead to a rise in protectionist policies, such as tariffs and trade barriers, which could lead to economic conflict and tensions between nations. Deglobalization could lead to a reduction in the exchange of ideas, knowledge, and cult Deglobalization could lead to a greater focus on domestic production, which could create jobs and stimulate economic activity within a particular country; Deglobalization could lead to a greater focus on domestic production, which could create jobs and stimulate economic activity within a particular country. In some cases, deglobalization could lead to improved living standards for workers, as it may reduce the pressure to lower wages and working conditions in order to remain competitive with cheaper foreign labor. Deglobalization could lead to a greater focus on preserving and promoting local cultures and traditions, rather than being overwhelmed by foreign influences. Deglobalization could lead to a reduction in the environmental impacts of long-distance transportation and production, as goods and services are produced closer to home. Deglobalization could give governments and communities greater control over their own affairs, rather than being subject to the dictates of international organizations or foreign interests.
It Is difficult to predict the exact future scenario of deglobalization, as it will depend on a variety of factors such as economic, political, and technological developments. However, it is possible that deglobalization could continue to trend in the future, particularly if current political and economic tensions continue to rise. Some experts believe that deglobalization could lead to a fragmentation of the global economy, with nations becoming more inwardly focused and less reliant on international trade and investment.
On the other hand, it is also possible that globalization could continue to grow and evolve in the future, as technological advancements such as the internet and transportation infrastructure continue to make it easier for people and goods to cross national borders. Ultimately, the future of deglobalization will depend on the choices and actions of governments, businesses, and individuals around the world.
It is difficult to provide a specific description of the scene in Bangladesh in the context of deglobalization. Deglobalization refers to the process of decreasing interdependence and integration between countries, and can take many different forms. In general, however, deglobalization could potentially affect Bangladesh’s economy and its relations with other countries. As an export-oriented developing country, Bangladesh relies heavily on international trade and investment, and a reduction in global economic integration could potentially have negative impacts on the country’s growth and development. However, it is also possible that deglobalization could provide opportunities for Bangladesh to focus more on domestic production and consumption, or to diversify its economic partnerships. Without more context, it is difficult to say exactly how deglobalization would specifically affect Bangladesh.
It Is difficult to determine a specific “finish line” for deglobalization, as it is a complex and multifaceted process that can take place in many different ways and at different speeds. Some people may see deglobalization as a positive development, while others may view it as a negative trend. Ultimately, the course of deglobalization will depend on the actions and decisions of individuals, businesses, and governments around the world. But for a country like Bangladesh, I must say we need to be aware of such issues seriously and always keep an option B for each and every potential and important factors that influence or drive our economy.
References
- https://www.chathamhouse.org/2021/10/what-deglobalization
- https://www.project-syndicate.org/commentary/deglobalization-threatens-fight- against-climate-change-by-raghuram-rajan-2022-11
- https://en.m.wikipedia.org/wiki/Deglobalization
4. https://www.worldscientific.com/doi/10.1142/9789811228988_0002
5. https://www.igi-global.com/dictionary/relocation-strategy-of-global-supply-chain- and-value-chain-under-deglobalization/47261