How Emerging Markets Are Reshaping Globalization

Globalization is a hot topic of the day. Not a day goes by without us being overwhelmed by the overwhelming news resulting from this all-out integration- relocation of jobs to countries where working conditions are too often unacceptable, closures of companies due to overly intense global competition, deterioration of the environment resulting from unbridled production, etc. In addition, workers’ worries about the consequences of China’s growth in the world of work are added. In this age where finance is queen and dictates the behavior of business leaders, where companies close their doors even if their business is good, where national champions are bought without the governments do not lift a finger, where Savers are robbed by unscrupulous financial actors who remain unpunished, the world seems more uncertain than ever. Recently, the world seems to have entered an era of great turbulence- unprecedented financial scandals which in their wake lead to many job losses; real estate and financial crises in the United States that threaten the balance of the global economy; rising food prices and violent protests in several developing countries. And international institutions, supposed to manage these crises, seem powerless to contain them.