Globalization has turned on West

Outline

1. Defining globalization and its historical aspects.

2. West becoming a champion to the victim of globalization.

3. Factors which indicate that globalization has turned on West.

i. Global Financial Crisis of 2007-2008.

ii. European debt crisis of 2010.

iii. The era of economic insercurity in the West amid post Global Financial crisis.

a. A large number of factory workers losing their jobs.

b. Increasing unemployement in the West.

c. Frustrated middle class.

iv. Cultural anxiety which led to racism.

v. Series of Terrorist attacks in the West.

vi. Refugee crisis in United States and European migrant crisis 2015.

vii. Drastic threat of global warming.

4. Responses to the curse of globalization.

i. Rise of Populist Nationalism in West.

ii. Implementing protectionism.

iii. Chants of America First and Take back control as Brexit gets voted.

5. Conclusion.

Thesis Statement

West, a former champion of globalization is becoming a victim of its sham. It's competitive
advantage over information technology and industry is withering away.

Introduction

"Globalization is a fact of life. But I believe we have underestimated its fragility". These words of
Kofi Annan imply that throughout the history there have been successive waves of globalization
followed by a backlash every time the model over-reaches itself. A similar backlash, for example,
is happening right before our eyes. West, a former champion of globalization is becoming a
victim of its sham. Its competitive advantage over the industry and information technology is
withering away. Over the past few years, the economic inequality between the privileged and
the underprivileged has aggravated in the West. And the future of a large middle class is
vulnerable than ever before. Cultural anxiety, refugee crisis, global economic crisis, global
warming and series of terrorist attacks have shattered the former masters of globalization.
Waves of populist nationalism and protectionism are sweeping the Western world.
Protectionism is being considered as a remedy for all ills. But no model can completely
countermand globalization because this world has become a global village now.