The cross section of Globalisation - Essay Example

Coming out of internal fissures, we then analyse the share of its structural framework in triggering current financial collapse. Free Trade regime promulgated Deregulation, which has been the underlying cause of today's liberalized world. This philosophy has been the source for lax and ludicrous financial sector management that aided the global financial system to collapse. The ensuing panic that has spread out of the economic meltdown is tempting enough for nations to reverse gains of open policies by reverting back to protectionist approach.

Calls for G20 to address the very fears of scaling back and to come up with singular global stance, are proving speech fully tactical but practically inconclusive. Despite of all these fears and anxiety, the Gross domestic contribution of free trade has been immense and can not be shrouded by just single brush of jittering. Greater global integration 'brain child of Globalisation, on one hand has not only given us tools for prosperity by employing thousands of workers across continents, while on the other hand made them vulnerable on slightest of demand fluctuations.

Present crisis no doubt has brought hard time upon Global economic regime but on the same note provided us with an opportunity to rectify those worms that had conveniently been ignored for long time. IntroductionThe Demise of Globalisation as narrated by Princeton's economist in his obituary "The late Great Globalisation"1 confines us to look in to its realm in a very limited and constrained fashion, such that we only seem to view the extreme shades on the spectrum's periphery while ignorantly shrugging the rest.

Globalisation is about finance, economics, investment, trade, borders and barriers no doubt, but it also encompasses while shouting load about the flow of ideas that are free to flow across the world, their convergence and divergence. The breadth and depth of Globalisation is more comprehensively addressed by David Held, a political scientist who envision it as the "widening, deepening and speeding up of worldwide interconnectedness in all aspects of contemporary social life"2. Thus expanding the very realm to incorporate slants of life's social, political and economic shades.

The Great ShiftSeismic shift that has taken place after the violent jolts of world economic crisis has ripped apart the already disdained and reservation-ridden world trade order. Today when the battle for survival is on, Seven years of wasted Doha round are beginning to shape into a painful memoir of impasse. The lost opportunity is beginning to afflict the very foundations of global free trading regime, that could have been achieved if interest of corporations and powerful governments had been neutralised for greater gains of global integration.

In the wake of attaining consensus, the presiding of invitation-only ministerial meetings in the so called 'Green rooms, by Lamy1 were enough to dispel the ideals of WTO, whose commitment has been an environment based on consensus, harmony and equality. The height of irony was still grossly palpable when even the exclusive few could not converge on single agenda to work through with.Even before the current crisis ever emerged, the road through WTO had already become rock-strewn. WTO's Director General Supachai Panitchpakdi3 who