Globalization after Corona
Muhammad Javed Jadoon
20th century brought revolution in the world as new ways of communication and transportation such as satellites, ships, railways, airways and motorways were developed due to advancement in science and technology. These ways of communication and transportation are much faster than the older ways. Information technology and telecommunication were developed. These developments led to the phenomenon of globalization. World became a global village. Trade was internationalized. States were integrated through increasing communication and trade. Global awareness was enhanced and multinational companies emerged which searched for new markets.
Globalization has many aspects. The world has become a popular cosmopolitan with increasing awareness that all people share a common fate because the world has became an integrated and interdependent whole in which trade is also linked to two other aspects of globalization. One is the globalization of production and other is the globalization of labor. These had great impact on social, cultural, political and economic conditions of the states.
As far as social and cultural changes brought by globalization are concerned, it has both the positive and negative aspects. A lot of job opportunities were created by multinational organizations through foreign direct investment which reduced the poverty up to certain extent and the living standard of people was improved. It has also helped in eliminating evils from the society. Interfaith and intercultural harmony and tolerance was developed among the states due to increased communication and transportation. Besides the advantages of globalization in social and cultural sector, it has also some disadvantages. It has destroyed the multicultural beauty of the world. Western cultural values have been dominated and the least developed countries are affected a lot. A conflicting situation has arisen between liberals and orthodox. Moreover, environmental degradation has also occurred due to increasing use of fossil fuels.
Besides impact on social and cultural sector, globalization has also affected the world politics. It has resulted in sharing of ideas, thoughts, and democratic values among citizens of the world community due to the increased means of communication. Citizens know their rights and duties which have changed their political thought. This led to the strengthening of democracies and peoples’ struggle for independence and decolonization occurred.
Globalization has also great impact on economic sector. In international markets more business opportunities are created due to foreign direct investment, internationalization of trade and commerce which has resulted in economic development. Moreover there is competition among companies which has resulted in high quality of products however it has destroyed the small and medium enterprises and local business due to foreign direct investment and the influence of multinational corporations.
These were the merits and demerits of globalization but with the emergence of epidemic of COVID-19, the world has lost its status of global village. This epidemic has great impact on globalization. Borders of the states have been closed. The aviation industry is in loss as most of the international flights have been suspended. International trade has been much affected. War of words between China and US about the spread of epidemic has been started instead of trade war which was present before the emergence of Corona crisis.
Threat of the epidemic is present until the discovery of vaccine. Although many countries of the world have reduced their lockdown however international trade is in dwindling condition and countries are mostly relying on their national resources instead of foreign. In fact, the epidemic has completely devastated globalization.
Now the question arises whether the globalization will re-emerge in its original shape or, not after the epidemic of COVID-19 vanishes? Answer to this question is simple. When the epidemic is over globalization will emerge but it will take new dimension and new form. The poor and underdeveloped countries which have very low fiscal space will become poorer and will be more dependent on developed countries. World trade will change. Global power structure most probably will shift from the western world towards East Asia as countries of East Asia like China are effective against the COVID-19 as compared to western countries. It is hoped that the world order will change with the end of this pandemic.
Globalization has reached to its peak and cannot be denied in this modern world, however, it has been effected due to the outbreak of Coronavirus but when the current crisis is over, it will change completely and we would have to adapt according to the new world order.
The writer is an analyst of national and international affairs. He can be contacted at: email@example.com.