Sustaining Globalization in an Environment of Rising Nationalism

A buzz word in business circles in the last two decades-seems to lose its sting in the current business environment, where the nationalists are making noise in their countries to the detriment of global business growth. Unbridled terrorism, sometimes with its religious tinge has not been helpful to promote the concept of global trade and business for mutual benefit. Developed countries, see globalization as an opportunity to expand their markets and further gain market access, whereas the less developed and economically starved countries see it as an opportunity to gain access to technologies to gain a foot hold in international trade and business. However there has been criticism of the developed countries exploiting less developed countries by dumping goods and less developed countries still denied access to technologies to improve their product quality and manufacturing practices. The Tariff equalization or rationalization has only benefitted the developed countries. With the growing splinter groups in politics forming unholy alliance to form governments in developing countries and their rhetoric of national interests for gaining short term political gains, the desirable lofty purposes of globalization is losing relevance. Can this trend be bucked and globalization put back on rail? The authors take an incisive look at the problems and prospects!