Question

Globalisation is double edged Weapon”. Comment on this statement in the

background of Corona.​

Answer 1

Answer:

Hope this helps!!

Explanation:

Nearly two decades ago, Joseph Stiglitz's seminal book 'Globalization and its Discontents' created a widespread debate about how the current phase of globalization with its overwhelming economic agenda has impacted financial decisions, public policies, and political economy of the world. The book arguably made him the most vocal and ardent critic of globalization. Under the present conditions of the pandemic, it seems Stiglitz's proverbial discontents against globalization find a new justifications.

While Stiglitz endorsed the spirit of globalization and agreed it can transform people's lives in more ways than one, his main opposition was to the overzealous and short-sighted policies of economic globalization with utter disregard for individual nation's ability to bear transition smoothly, he accused institutions like the IMF, which are at the forefront of promoting economic globalization, to have become " the cockpit of market fundamentalism".

However, the attraction of quick economic dividend and control over global markets have been too irresistible for nations to pause and audit the cost and benefit of globalization with an open mind. Stiglitz believes globalization was oversold and " gains to GDP or growth overestimated, and the costs, including adverse distributional effects, were underestimated."

Economic Cooperation, sees a promising future for globalization. Xueming believes that the present international division of labour is rooted in the current status of the development of the productive forces of different countries. However, he also accepts that globalization will become more "open, inclusive, and balanced" after the outbreak.

The world may not spend time deliberating the merits and demerits of globalization after the pandemic is contained. But, it may like to reposition ..