The term globalization is used to describe how trade and technology have made the globe a small village. This term, however, has a broad meaning. Therefore, for its better understanding it is divided into economic, political and cultural globalization. Economic globalization is the most significant of these.
International trade, which comes under economic globalization, is the lifeline of a country. For example, the automobile parts for the American multinational automaker Ford Motors are imported from India. This is due to the cheap cost of labour and technology in India. Thanks to globalization, farmers get the opportunity and access to sell their produce in international markets.
Today we are in a situation where every country is deprived of this lifeline. COVID-19 is “forcing a major revaluation of the interconnected global economy”. People all over the world are losing their jobs. As always, the poor people are the most affected. Why is it always that the poor are the most affected? Why not the rich? Its sole reason is the sector in which they work. They work in the unorganized sector where there is minimum job security, poor working conditions and low pay. Their employment is dependent on stable global economy and trade. “The lesson we’ve learnt from COVID-19 is not that globalization failed. It’s that globalization is fragile, despite or even because of its benefits”.
Recently, the Prime Minister of India has asked the people to build an ‘Aatmanirbhar’ economy. Such an economy is a self-reliant and will not require any external aid, trade or support for its sustenance. It would generate local employment and give job security to the country’s working population. Economists from all over the globe say that such an economy is impossible to build. It is, however, the need of the hour and is the best option to revive a country’s economy which is why every country is striving to achieve it. Countries like India which have a large population and natural resources in abundance can build an ‘Aatmanirbhar’ economy. Meanwhile, smaller countries, such as those in Europe, with their aging population and limited resources may find it difficult to do so.
COVID-19 is not the first pandemic affecting us. The world has witnessed several pandemics, wars and other crisis of substantial magnitude. Each time, we have learned to evolve and managed to come out stronger and maybe wiser. Let’s hope for the same this time. Stay home, stay safe and enhance your skills to face the future.
Bibliography- http://www.ianfeinhandler.com/iaclub/articles/end_of_globalization.pdf