The future of economic globalization

the USA election 2016 , Brexit , recent German / Italy election results indicating us that West no longer ready to accept the globalisation.

The West, are the creators of Globalisation in early 19th century and painted globalization will link economies, would ensure peace, bring nations together, and work for the betterment of all people. they largely benefited from early gloablisation for last half-century. today many countries across the West are coming to grips with the negative effects of globalization like unemployment in Italy , UK losing its manufacturing identity and in USA, American industries are now dotted with abundant factories, inequality and unemployment.

while now developing nations like India / China and Vietnam trying to have a bite of the benefits from the globalisation where industries moving from rich countries, where labour was expensive, to poor countries, where labour is cheaper.

So what is the best practice ? is globalisation failing ? or nationalism is the answer ? or a system that embrace nationalism with globalisation. i believe best example is china and their economic policies. Nationalist policies like high tariffs on foreign goods to promote ‘made in china’, subsidies to attract investment, restrictions on foreign ownership of domestic companies and resources, and a deliberate undervaluing of its currency. These policies have created an environment that has attracted billions of dollars in investments from foreign companies and created lots of jobs for Chinese citizens.

Both extremes of globalisation and nationalism do not work (example USA , Cuba). China has pursued a balanced solution that features nationalist policies designed to embrace the forces of globalization in China’s favour, which has aided them greatly.