The Future Of Globalisation

Globalisation is often compared to a snowball rolling down a steep mountain; it seems to be gathering more and more momentum. It is not a question of whether it will continue but at what pace! The future direction of globalisation is dependant to a large extent on sovereign governments. They still have the power to put in place significant obstacles to globalisation such as tariffs, immigration restrictions and military hostilities.

 

Governments have recognised the importance of international cooperation and coordination. This has led to the emergence of numerous international organisations and financial institutions for example the IMF and the World Bank. The world is made up of nation states within a global marketplace. It is imperative to have the right rules in place so the global system is resilient, beneficial and legitimate. The benefits of globalisation offered by international institutions should offer opportunities to the most deprived. The benefits of globalisation could reduce dependency and lead to better living standards throughout the world. Globalisation will continue to break down barriers of culture with more and more countries being integrated into the global economy.