Nearly forty to fifty years ago, the rich Western countries propagated a new idea called Globalization where different countries in the world collaborate much more in every arena. This resulted in a global network of interlinked imports, exports, products and services and migration of a talented pool of migrants from one geographic location to the other.
In other words, it also led to an interesting exchange of ideas, perspectives and initiatives which made the world, a small village or precisely to say, a global village. However, there were always opponents in every country, especially developing countries like India and other African countries that such interdependency is not good beyond a limit. The recent Covid-19 pandemic and the current Ukraine war have brought this tough situation where countries are now slowly attempting a new trend called Localization.
This means being self-reliant and self-sufficient so that you don’t have to be at the mercy of others and then face the consequences of higher prices, insufficient supply and other negative consequences. It is being predicted that the current financial downturn across the world may in fact spell the end of globalization, as we know, in its aggressive format. However, the interconnectivity in terms of technological talent pool and other positive things may continue. But risky over dependency may reduce. There are both advantages and disadvantages from it. Again, this is a new cycle in the world as the old cycle ends.
