The present age is an age of globalization. It has changed the whole scenario of global economy, global politics and much more. Globalization has far-reaching effects on human civilization in various aspects. But what is the future of globalization?
With the increase in the pace of globalization, the leaders and communities will face new challenges and newer opportunities. Increase in inequality is also believed to be an inevitable consequence of it. Be it inequality with respect to opportunities or that with respect to resources, they will become quite common in the near future as a result of globalization.
However, a global financial regulator is unlikely to be there in the future. Addressing issues related to capital flows on the line of WTO is, however, highly likely to occur. Moreover, the college of national regulators is expected to enforce common regulatory principles.
The road to a good future?
Another predictable future outcome of globalization is the disappearance of the nation-states since the newer challenges in social, economical and political fields cannot be handled within this nation-state framework. Moreover, the worldwide nexus that has been establishes between the countries will soon lead to the disappearance of nationalist sentiments and this can be regarded as another possible reason for the disappearance of nation-states. Nothing can be predicted about the institutional structure that would replace the nation-states.
The world could even split into regional trading blocs. The geo-political rivalry that exists between China and America tends to pose severe threat to trade and Global institutions are also expected to get splintered: for example forex brokers as AvaTrade.
The governments also need to address the debt problems in this world of globalization .Otherwise there will soon be a major economic crisis in various parts of the world as an outcome of globalization.
So these are the possible outcomes of globalization in the near future. Only time will tell whether these future outcomes of globalization will be beneficial to the human race or not. As responsible global citizens, we should try to help globalization have positive impacts on the different countries of the world such as eradication of poverty, inequalities and other such things and prevent it from affecting us in a negative manner.