Question

Globalisation will continue in the future. Can you imagine what the world would be like twenty years from now? Give reasons for your answer.

Answer 1

Globalisation is due to integration of markets, production, movement of people. Globalisation will exist even 20 years from now.

• Globalisation is definitely going to stay in the future.
• 20 years from now, there will be more technological advancements.
• 20 years from now, there will be many more MNCs competing against each other in different markets of the globe.
• Many new products will come to the markets across the globe and there will be immense competition for market domination, and survival.

But, the benefits of globalisation have not been uniform to all the people. To make sure that benefits are distributed uniformly one can think about the following measures that needs to taken:

• For example, developed countries have reduced trade barriers in the agriculture sector, whereas Governments in developed countries have not reciprocated. Hence farmers in developing countries are at a disadvantage.
• Therefore if globalization has to sustain itself then at the World Trade Organisation (WTO), Governments of developing countries should cooperate with each other to prevent the dominance of developed countries.
• Protecting all the people of the country and not just the powerful and rich should be the objectives of Governments.
• To have a uniform impact of globalization, the governments can play a major role.
• Governments can assure workers of their rights by making sure that labour laws are implemented.
• Till the time small producers can grow and compete, Governments can think about supporting them through various measures.
• At WTO many important decisions regarding investment and trade have been influenced by massive campaigns and presentations by people’s organisations. Hence even people can play a positive role.
• For rules which are fair, Governments should negotiate with WTO and even use investment and trade barriers.