Fragmented Globalisation – Drishti IAS

This editorial is based on “Fragmented Globalisation” which was published in Financial Express on 11/03/2023. It talks about how the globalisation is taking a new form amid the recent changes in global economic growth and rising geopolitical tensions.
For Prelims: Terms like globalisation, fragmented globalisation, DeRussia Ukraine Conflict, US China Trade War, Global South, de-dollarisation etc., Russia Ukraine Conflict, US China Trade War, Global South
For Mains: Changing International Order and Globalisation, India’s role in fragmented globalisation.
For decades, the benefits of globalisation have appeared to be obvious and unassailable; however, as the international order has come under strain in recent years, the delinking of global trade and investment by companies and governments has witnessed an increase in the pace.
The countries are increasingly turning to regional or bilateral trade agreements to pursue their interests, rather than relying on global frameworks. This shift in the trend can be attributed to factors like rising economic nationalism, increasing geopolitical tensions, and the failure of various multilateral institutions to deliver on their promises.
This fragmented form of globalisation has profound implications for the future of international trade and cooperation, with both opportunities and challenges for countries around the world.

Drishti Mains Question:
“The present form of Globalisation can be best described as a fragmented Globalisation.” Comment.

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