Historically, economic globalisation has witnessed cycles of stability and capital accumulation followed by deep contestations that disrupted the prevailing order. The periods of instability were often accompanied by a power transition where the dominant powers were unable to organise or govern the economic system. New economic and geopolitical centres rose to wrest authority away from the declining powers over global economic governance.
In recent years, we appear to be confronting another inflexion point. Emerging economies, particularly the rising powers in the east, are increasing their geoeconomic and institutional footprints even as the previous proponents of globalisation seem to be taking a step back. This flux is not only reshaping the global North-South relationship, it is reviving older modes of economic order like regionalism and economic nationalism. The most recent era of interdependence and its unprecedented scale, suggests any dramatic shift in the globalisation processes would have consequences not just for world order but for the nature of trade, finance, development, innovation, ecology, and, for the internal politics of states.
The Centre for Policy Research is launching a new lecture series entitled “Globalisation in Question”, to closely examine these trends and their implications for India and the world. In these monthly interactive sessions, we will draw upon renowned scholars and practitioners to address specific undercurrents of globalisation and their impact on a variety of issue areas.