In this Mint article,Vivek Dehejia, Senior Resident Fellow at IDFC Insitute, argues that only a concerted intellectual effort to resuscitate the conception of globalism is likely to tip the balance in favour of globalization itself.
"That there has been a degradation of the public discourse in the advanced economies is not in question. Part of the reason is the failure of the political and the intellectual elite to make a principled and nuanced defence of freer trade in particular and globalization in general, while acknowledging that it produces losers who must be compensated.. Yet, this is not the whole story... part of the difficulty lies in inherent, incipient conflicts among three large categories—national sovereignty, democracy and globalization...The reality today is that not only is the concept of globalism besieged, globalization itself may well be in retreat. Data assembled by the Peterson Institute, a Washington think-tank, documents that global trade as a percentage of global output has flatlined at around 60% since a sharp drop after the global financial crisis of 2008. Only a concerted intellectual effort to resuscitate the conception of globalism is likely to tip the balance in favour of globalization itself."
Read the full article here.