The rapid advancement of technology has brought about profound changes in various industries and professions around the world. In the UK, one of the most notable developments has been the emergence of artificial intelligence (AI) systems, which are capable of performing tasks that were traditionally carried out by humans. This has sparked concerns regarding the potential de-skilling of the workforce in certain areas. De-skilling refers to the phenomenon where individuals lose their expertise or the need for certain skills diminishes due to technological advancements. This is particularly true in areas where AI has the potential to significantly outperform human capability or where the use of AI can be more cost-effective and efficient.
A prime example of this concern can be seen in the medical field, especially in the realm of diagnostics. There is a risk that for some skills such as ECG interpretation, where there is now capacity for fully AI-led analysis, there could be a de-skilling of the workforce, as it is possible that clinicians will not be taught ECG interpretation, or keep up their current skills. The implications of this are profound. ECG interpretation, which involves analysing the electrical activity of the heart to diagnose potential abnormalities, has traditionally been a crucial skill for medical professionals. With AI systems now capable of performing this task, there’s a growing concern that future generations of doctors and medical professionals might become overly reliant on technology, potentially compromising the quality of patient care in scenarios where AI might fail or be unavailable.
However, while the fear of de-skilling is valid, there are also undeniable advantages to the AI-led analysis of ECGs. While it is arguable that the de-skilling in ECG interpretation is already happening, it is also highly likely AI interpretation of ECGs makes diagnoses of heart conditions easier and more accessible, and therefore benefits more people. With AI’s capability to process vast amounts of data quickly and identify patterns that might be overlooked by the human eye, many believe that the technology could lead to more accurate and timely diagnoses, which in turn could lead to better patient outcomes.
Outside of the medical realm, another sector in the UK that is witnessing the potential de-skilling effects of AI is the financial industry, especially in areas related to data analysis and predictions. For years, financial analysts have relied on their expertise to interpret market trends, evaluate stock performances, and make predictions for future market movements. With the advent of AI, algorithms can now process vast amounts of data at unparalleled speeds, producing forecasts and insights that can sometimes surpass human analysis in terms of accuracy and efficiency. Consequently, there’s a growing apprehension that new entrants into the financial sector may become overly dependent on these AI tools, foregoing the development of deep analytical skills and the intuitive understanding of market nuances. Such a shift could result in a workforce less equipped to think critically or creatively, especially in unprecedented market situations where historical data, and thus AI predictions based on that data, may not be as applicable. This highlights that while AI offers immense advantages in streamlining tasks and improving accuracy, it is crucial to ensure that it complements rather than replaces the indispensable human element in various professions.
In the field of manufacturing and production in the UK, the integration of AI and automation has similarly initiated discussions around the potential de-skilling of workers. Historically, manufacturing jobs have demanded a blend of technical expertise and hands-on skills, with workers often mastering detailed tasks over years of experience. Today, many of these tasks are becoming automated, with robots and AI systems taking over processes such as assembly, quality control, and even more sophisticated functions like welding or precision cutting. The efficiency and consistency offered by these machines are undeniable, but there’s growing concern that future generations of manufacturing workers might be relegated to simply overseeing machines or performing rudimentary maintenance tasks. This could result in a loss of intricate handcrafting skills, problem-solving abilities, and the nuanced understanding that comes with human touch and intuition. While automation promises enhanced productivity and potentially safer working environments, it’s essential that efforts are made to preserve the invaluable craftsmanship and expertise that have long been the hallmark of the manufacturing sector.
Furthermore, it’s essential to recognise that while AI has made significant strides in various fields, it is not infallible. In the medical field, for example, it is likely that there will always be a need for experts as AI will be unable to interpret extremely complex readings. Such situations will require human expertise, intuition, and the holistic understanding that comes with years of training and experience. In essence, while AI can augment and enhance the diagnostic process, the value of human expertise remains irreplaceable.
In conclusion, the rise of AI in the UK’s workforce brings with it both challenges and opportunities. While there are genuine concerns about the de-skilling of professionals in certain areas, it’s also important to recognise the potential benefits of these technological advancements. The key lies in striking a balance – leveraging AI’s capabilities while also ensuring that the workforce remains skilled and adept in their respective fields.
The East Asian financial crisis, which took place between 1997 and 1998, was a pivotal event in the history of global economics. Originating in Southeast Asian countries, the ramifications of the crisis reverberated across the world, spotlighting the intricate interplay between international politics, economics, and the global financial system. This essay aims to provide a comprehensive overview of the genesis, effects, and aftermath of this financial catastrophe, with a particular emphasis on its implications for countries like Singapore and Malaysia.
At the heart of the financial upheaval was a combination of weak macroeconomic foundations and policy choices. For almost two decades leading up to the crisis, East Asian countries pursued aggressive economic strategies that set them on a trajectory of rapid growth. The optimism generated by these policies encouraged a flood of foreign investments and a consequential buildup of short-term debt. Simultaneously, as Hasan (2002) suggests, generalising these economic causes might overshadow the diverse internal economic and political structures unique to each nation. Such heterogeneity influenced the causes, responses, and outcomes of the crisis for individual countries.
Radelet and Sachs (1998) identified that the tipping point was the liquidity crisis in Thailand, leading to a significant depreciation of the Thai currency, the baht. This depreciation set off a domino effect, destabilising currencies from Indonesia to South Korea. The Indonesian rupiah and the Thai baht became the epicentres of the crisis, leading to skyrocketing inflation rates, with Indonesia witnessing an alarming 58% inflation surge within a year (Reisen, 1999).
The consequences of the East Asian financial crisis were multifaceted. From an economic perspective, nations faced severe contractions in their GDPs, stock market crashes, and skyrocketing unemployment rates. On a societal level, these economic setbacks fueled public dissatisfaction, leading to political upheavals in several countries. This crisis highlighted the interconnectedness of global economies. Just as the Great Depression of the 1930s and the 2008 financial crisis predominantly impacted the West, the East Asian crisis underscored the vulnerability of emerging markets to rapid capital outflows, speculative attacks, and the contagion effect.
Furthermore, the economic contagion spilled over to countries with previously strong economic structures, such as Malaysia. Despite having fundamentally sound economies, these nations couldn’t insulate themselves from the cascading effects of the crisis.
Different nations tailored their responses based on their economic conditions, political situations, and strategic objectives. A common strategy among crisis-hit countries was seeking assistance from the International Monetary Fund (IMF). However, these financial rescue packages often came with stringent conditions, emphasising economic transparency and restructuring.
Malaysia, under these tumultuous circumstances, adopted a contrarian strategy. Instead of turning to the IMF, Malaysia enforced capital controls to fend off speculative attacks on its currency and pegged the ringgit to the U.S. dollar. By implementing these policies, Malaysia hoped to stabilise its economy and insulate it from further external shocks. Sundaram (2006) and Hasan (2001) noted that Malaysia’s refusal to approach the IMF facilitated its swift recovery, as it wasn’t constrained by the stringent conditions often attached to IMF loans.
Singapore’s response was distinct yet equally effective. Being an investment hub with strong ties to its neighbors, Singapore faced the spillover effects of the crisis. Singapore focused on managing its wage instruments and controlling its exchange rates, ensuring the competitiveness of its economy. Despite the pressures, Singapore’s robust economic foundations, including its well-established wage system and strict controls on bank lending, played a pivotal role in navigating the challenges.
The East Asian financial crisis of 1997-1998 serves as a potent reminder of the complexities of the global financial system. Nations, irrespective of their economic strength, are susceptible to external shocks, especially when intricately linked through trade and investment. While external assistance, like that from the IMF, might offer immediate relief, it’s paramount for nations to build resilient economies capable of withstanding external shocks. The crisis and its aftermath underscore the need for sound economic policies, financial transparency, and regional cooperation to mitigate future economic challenges. The experiences of countries like Malaysia and Singapore during the crisis provide valuable lessons in crisis management, resilience, and recovery.
Among the complexities of societal growth and evolution, few elements have been as transformative as the division of labour. At its core, this fundamental principle highlights the extensive range of human activity, from the simple agricultural societies of the past to the vibrant, technology-driven cities of today. More than just a method of organisation, the division of labour stands as a symbol of human adaptability, a lasting proof of our ability for innovation and teamwork. As we explore this concept further, we’ll uncover its diverse effects on production, economic systems, and worldwide integration. Acknowledging its importance not only provides a perspective to understanding past socio-economic paths but also offers insights into shaping a future where efficiency and interconnectedness can exist in a balanced and cohesive way.
Labour, in all its forms from a craftsman shaping clay to a software engineer coding, is a focused human effort blending passion, skill, and effort. This combination produces both physical items like furniture and intangible ones like software. Take the example of book publishing. An author writes the story, but it’s the joint effort of illustrators, editors, typesetters, and printers that turns a manuscript into a physical book available in stores. Similarly, the common smartphone is a result of collaborative work: designers focus on its look, engineers on its functionality, software developers on its apps, and marketers on its distribution.
This complexity in production highlights that most modern goods and services are rarely made by one person. They result from the collective efforts of many, each an expert in their field. This is where the division of labour comes into play. By dividing tasks according to each person’s or group’s expertise, production becomes more efficient, optimising resource use. This division not only saves time and reduces overlap but also ensures better use of materials, leading to economic efficiency and higher quality products.
Society’s structure is like a complex fabric, each thread symbolising a different role or job. When we explore the social division of labour, we’re essentially looking at these detailed patterns. The general division offers a wide view, categorising major areas of human activity. Picture a lively town: farmers working in fields illustrate the agricultural sector, while factories with their smokestacks represent the industrial sector. But within these large categories, there are many specialised roles. The private division of labour sheds light on these intricacies. For instance, in the industrial sector, there’s construction, where workers might be building a skyscraper, and metallurgy, where specialists craft steel for various uses. These industries, though part of the same broad category, require unique skills and expertise.
Further diving into the intricacies, the single division of labour takes us to an even more granular level. Consider a watch manufacturing company. While the company as a whole falls under the ‘industry’ category, within its walls, there’s a symphony of specialised tasks. One worker is responsible for assembling the tiny gears, another for fitting the glass, and yet another for quality checks. Similarly, in a software firm, while one group codes the software, another tests it, and a third markets it to potential buyers. This level of specificity ensures that every tiny cog of the production machine operates at peak efficiency, with each individual focusing on a task they’re best suited for.
This layered, hierarchical structure, from the vast expanse of general categories down to the minutiae of individual tasks, underscores the sophistication and depth of labour divisions that have evolved in human societies. Such divisions not only celebrate the diversity of human skills but also the collective symphony of collaboration that births innovation and progress.
Within the framework of a capitalist economy, the division of labour isn’t merely an organisational tool; it’s a defining feature, acting as both its fuel and its byproduct. The advent of the Industrial Revolution serves as a prime example. As steam engines roared to life and assembly lines became the new normal, the landscape of labour underwent a seismic shift. Previously, a craftsman might have overseen almost all aspects of producing an item, say a pair of shoes. In the new industrial setup, however, one worker might only stitch the leather, another could focus on attaching soles, and yet another on quality control. This microscopic specialisation led to increased efficiency and a proliferation in product variations. For consumers, this meant a wider array of choices – from the kind of stitching to the type of leather.
Yet, the capitalist approach, while magnifying the advantages of labour division, also shines a light on its inherent contradictions. On one hand, you have vast factories with hundreds, if not thousands, collaborating towards a common production goal. But on the other hand, the benefits of this collective effort are often disproportionately reaped by a select few – the factory owners or shareholders. While workers on the factory floor might be producing luxury items, they themselves might not earn enough to afford them.
An apt illustration is the modern tech industry. Companies like Apple employ a global division of labour. Design might take place in California, component manufacturing in Taiwan or China, software development in India, and marketing strategies might be devised in Europe. The end product, an iPhone, is a result of this global collective effort. However, the profits generated from sales are not distributed equally among everyone who contributed to its creation. The bulk goes to Apple and its shareholders, leading to vast wealth for some, while the factory workers overseas might continue to earn a fraction in comparison.
As capitalism becomes more entrenched and globalised, these contradictions become starker. The global supply chain exemplifies a highly specialised division of labour, yet the wealth it generates often illuminates stark socio-economic disparities. The very essence of capitalism – the pursuit of profit – can, at times, exacerbate these imbalances, making the dialogue on equitable wealth distribution ever more crucial.
The international division of labour paints a vivid picture of global interdependence, where countries, much like cogs in a vast machine, play specialised roles to keep the wheels of the global economy turning. This specialisation isn’t arbitrary; it’s based on a country’s unique set of advantages and resources, creating an intricate tapestry of global production and trade. Take, for instance, the wine industry. Countries like France and Italy, with their temperate climates and rich soil, specialise in producing high-quality wines. Meanwhile, countries in cooler climates, like Canada, might specialise in products such as ice wine, a delicacy made from grapes that have naturally frozen on the vine.
Another vivid example is the oil industry. Nations like Saudi Arabia and Russia, blessed with vast oil reserves, become primary producers and exporters of crude oil. In contrast, countries like Japan, which lack significant oil reserves, focus on sectors like technology and automotive manufacturing, leveraging their technological prowess and skilled workforce.
Moreover, the global textile industry showcases how geographical placement influences specialisation. Bangladesh, for example, has become a hub for garment manufacturing, capitalising on its labour-intensive nature and lower production costs. Meanwhile, countries like Switzerland, with its rich history and expertise, dominate the watchmaking industry.
This interconnected web of production and trade doesn’t just benefit individual nations but also consumers worldwide. It ensures that products, irrespective of where they are made, find their way to markets across the globe, offering consumers a wider variety of choices often at more competitive prices.
Furthermore, this international division of labour has given rise to multinational corporations that operate across borders, sourcing materials from one country, manufacturing in another, and selling products globally. Companies like Apple, Toyota, and Nestlé are emblematic of this trend.
However, it’s not just about economic advantages. This global approach to labour division fosters a sense of mutual dependence among nations. Recognising that prosperity is interconnected, countries are more inclined towards diplomatic and peaceful resolutions, understanding that disruptions can have ripple effects across the global economy. Thus, the international division of labour doesn’t just underpin economic strategies; it acts as a cornerstone for fostering global harmony and cooperation.
Illustrating the practical application of this concept, consider the production process of the renowned Ferrari car, a symbiosis of global talents and specialties brought together to create an automotive masterpiece. The journey of a Ferrari car’s creation is a whirlwind global tour of specialised expertise and carefully honed skills.
In Italy, where the legacy of the brand thrives, the car’s conceptualisation begins. Designers and engineers, steeped in a rich automotive tradition, painstakingly sketch, plan, and design each aspect of the car. Their creative processes are fuelled by a historical lineage of craftsmanship and innovation, giving life to vehicles that capture the imagination with their meticulous design and performance attributes.
However, the realisation of their visions doesn’t solely rest within Italian borders. Recognising global efficiencies and specialised proficiencies, certain components find their genesis elsewhere. China, with its robust manufacturing infrastructure and cost efficiencies, plays a crucial role. Chinese factories, endowed with cutting-edge technologies and a massive workforce, produce certain parts with precision and reliability. This utilisation of China’s manufacturing prowess is a strategic move, ensuring that various parts are made with utmost accuracy and affordability.
The convergence of these global efforts takes place back in Italy. Here, each part, whether home-grown or sourced internationally, is assembled with artisanal care. Italian technicians, engineers, and craftsmen collaborate, integrating the diverse components into a harmonious whole. Their expertise in engine assembly, aerodynamics, and meticulous car modifications ensures that every vehicle embodies the quintessence of Ferrari’s legendary performance and aesthetic appeal.
This global orchestration of talents and resources exemplifies the power of the division of labour. It illustrates a harmonious interplay of diverse strengths and specialties, each contributing to the creation of a product that embodies excellence and innovation. In this global symphony, every note, whether played in Italy, China, or elsewhere, is crucial in composing the majestic opus that is a Ferrari car.
The journey through the vast spectrum of labour divisions, be it within societal, capitalist, international, or specific industries like automotive manufacturing, illuminates the intricate interplay of human ingenuity, collaboration, and resourcefulness. It sheds light on how societies have leveraged the unique strengths and talents of individuals and nations to sculpt an interconnected world, where products and services are born out of collective effort, transcending boundaries and embracing global efficiencies. From the hands of a local craftsman to the vast factories of global giants, the division of labour stands as a testament to humanity’s unyielding drive for progress, optimization, and innovation.
However, as we laud these advancements, it’s imperative to also acknowledge the challenges and contradictions this division poses, particularly in the realm of equity and just distribution. It urges us to introspect and strive for a balance where the fruits of collective labour are enjoyed equitably, ensuring that the tapestry of our global economy remains not only intricate and efficient but also just and inclusive. As we stand at the crossroads of an ever-evolving global landscape, understanding and leveraging the division of labour is paramount, but so is reimagining it to craft a future where prosperity is shared, and every thread in the tapestry is valued for its unique contribution.
In a world where boundaries are becoming increasingly blurred, globalisation stands out as one of the most defining phenomena of our times. As nations strive for financial stability, economic growth, and improved living standards, they inevitably find themselves entangled in the complex web of globalisation. Each country, with its unique socio-political and economic fabric, treads its own distinct path, harnessing different elements to propel growth. Yet, despite these differences, a common thread weaving through most successful narratives is an active engagement with the global economy.
China’s meteoric rise in the past two decades exemplifies how distinct ingredients can spur growth. While the factors that propelled China differ from those of Malaysia or Malta, all these countries share a robust engagement with global economic forces. Central to this are elements like foreign direct investment, technological advancement, robust institutions, sound macroeconomic policies, an educated workforce, and a thriving market economy.
The benefits of globalisation are palpable. As countries integrate their economies with the world, they often witness a surge in the quality and variety of goods and services, resulting in lower prices and a general upliftment in the standard of living. Jobs become more plentiful and often better paying. Health services improve, and overall living standards rise. The stark reduction in extreme poverty over the past two decades—especially in the developing world—is testament to the benefits that globalisation can bring. However, it would be remiss to consider this phenomenon without acknowledging its disparities. While regions like East and South Asia have reaped its benefits, sub-Saharan Africa has seen a rise in poverty.
Critics may attribute this disparity to the perils of globalisation, but proponents argue the exact opposite: these challenges arise not from an excess of globalisation, but from its inadequacy. The developing world, in particular, stands to gain the most from globalisation. Yet, they also bear the brunt of its risks, such as those posed by volatile capital movements. Organisations like the International Monetary Fund play a crucial role in helping economies navigate these risks.
However, to view globalisation merely as an economic phenomenon would be simplistic. It encompasses a gamut of cultural, political, and environmental changes. Rapid technological advances in the 1980s expedited international transactions, making the world a smaller, more connected place. The numbers speak for themselves. Trade, foreign investments, international claims, and even simple indicators like cross-border phone calls have seen exponential growth, reflecting the deepening roots of globalisation.
One of the most profound impacts of globalisation is its influence on the daily choices of personal, economic, and political life. Enhanced access to technology can make life-saving differences in healthcare, revolutionise communication, boost education, and provide access to independent media. Additionally, the global integration of goods, services, and capital can catalyse improvements in education and other sectors, as nations grapple with the competitive challenges posed by globalisation.
Yet, perhaps one of the most underappreciated aspects of globalisation is the free flow of information and knowledge. Innovators today can glean from a global repertoire of ideas, adapting successful strategies and sidestepping proven failures. Even critics like Joseph Stiglits acknowledge this, noting the unparalleled access to knowledge that even the developing world now enjoys, thanks to globalisation.
Globalisation has significantly evolved over the years, with international trade being a cornerstone. One of the most salient aspects of globalisation is the growth of world trade by reducing or even eliminating barriers, notably import tariffs. When barriers are removed, it paves the way for greater imports, presenting consumers with a broader spectrum of goods at more affordable prices. Such a structure also propels domestic industries to remain competitive and be on their toes.
Exports, which are often instrumental for the economic upliftment of developing nations, not only stimulate job creation but also allow industries to sell their products and services beyond their immediate borders. In broader strokes, trade heightens national competitiveness, nudging workers to focus on areas where they and their nation have a distinct competitive edge. Additionally, trade acts as a buffer, enhancing economic resilience and flexibility. For instance, an increase in imports can help counterbalance potential adverse domestic supply shocks. A more open market scenario can also draw foreign investment, bringing with it job opportunities, advanced technologies, and consequently, a spike in productivity.
However, the inclination to restrict international trade and adopt protectionist policies can backfire. Protectionism, represented primarily through tariffs, can inflate the prices of imported goods, leaving a dent in the wallets of consumers, especially those from low-income backgrounds. Such policies tend to favour specific well-organised, politically connected groups over general consumer interests. Besides, protectionism shrinks the array of available goods and breeds inefficiency by stifling competition and diverting resources towards sectors that are shielded by these policies.
The former president of Mexico, Ernesto Sedillo, rightly observed the benefits developing nations reap from expanding international trade. His assertion is backed by historical trends, as many developing countries, plagued by economic stagnation from protectionist policies, started tearing down their trade barriers from the late 1980s. The subsequent decade saw many former Eastern bloc countries integrate into the global trading system. Notably, developing Asia, which was one of the most trade-restricted regions in 1980, progressively opened its doors. The dropping average tariff rates among developing countries over the past few decades are a testament to this trend.
The ramifications of globalisation aren’t restricted to tangible goods; they also envelop the financial domain. Recent years have seen an exponential surge in the globalisation of financial markets. To put into perspective, global capital flows shot up to 14.8% of GDP in 2006, a dramatic rise from the fluctuating 2-6% witnessed from 1980-95. Advanced economies have been at the forefront of this surge, but emerging markets and developing nations are also increasingly integrating financially.
Financially robust countries attract more investment capital, fostering entrepreneurial growth, facilitating efficient capital allocation, promoting international risk sharing, and catalysing economic growth. However, the exact implications of financial globalisation are a matter of intense debate among scholars and policy experts.
Based on comprehensive research by the IMF, it’s evident that two essential insights come to the fore. Firstly, advanced economies have undeniably thrived due to financial integration; however, for emerging and developing countries, there’s a pressing need for meticulous risk assessment. Countries boasting of sophisticated financial infrastructures, stalwart institutions, and prudent policies stand a better chance to harness the benefits of financial liberalisation, circumventing the inherent volatility. Secondly, while caution is warranted, an overemphasis on it can be counterproductive. Being overly wary about embracing capital flows can lead to consequences such as reduced international trade, amplified investment expenditures for companies, and less than ideal economic incentives.
In the era of globalisation, we have witnessed significant disparities in economic growth among countries. Those that have wholeheartedly embraced globalisation have experienced substantial income increments. In contrast, those that have resisted or only tepidly accepted globalisation have lagged behind. This divergence isn’t limited to countries but extends to individuals within nations. Some individuals have benefitted disproportionately from globalisation compared to others.
Over the past twenty years, despite a general rise in income inequality across many regions and countries, there’s been a silver lining: per capita incomes, even for the economically weakest, have improved. This indicates that even the impoverished are better off during this wave of globalisation. However, it is also evident that the affluent sections have seen their incomes grow at a swifter rate. Consumption data clearly showcases the glaring economic disparities present across different regions.
One of the misconceptions surrounding globalisation is that it increases inequality. Yet, as revealed in the World Economic Outlook from October 2007, increased trade globalisation has been linked to decreased inequality. The real culprits in the rising income inequality have been the dispersion of technological advances and increased financial globalisation. Both factors have escalated the demand for skilled labour, thus benefiting the skilled more than the unskilled.
The challenge now is to ensure that the dividends of globalisation are evenly distributed among the masses. To achieve this, there’s an imperative need for reforms, particularly in education and training, ensuring workers have the requisite skills for the ever-evolving global market. Additionally, further trade liberalisation, which enhances agricultural exports from developing countries, can act as a leveller.
However, rejecting globalisation due to its shortcomings and uneven impacts would be myopic. Martin Wolf from the Financial Times aptly argues against the narrow perspective of seeing inequality as an evil, suggesting it’s counterproductive to wish for equal poverty rather than having some sections better off. Crucial studies, like those by World Bank economists David Dollar and Aart Kraay, have found globalisation to be instrumental in reducing poverty and global income inequality since the 1980s.
While critics underline the few regions which haven’t benefitted considerably from globalisation, Kofi Annan, the former Secretary-General of the United Nations, has provided a more nuanced understanding. He asserts that the real losers are not the ones exposed too much to globalisation but those left out of its ambit. For globalisation to truly thrive and deliver its potential, nations must focus on foundational aspects like macroeconomic stability, transparent governance, robust legal frameworks, advanced infrastructures, quality education, and deregulation.
Several myths surround globalisation. Some believe it depresses wages, especially in developed countries. Others claim it leads to a “race to the bottom” where multinationals seek the lowest-paid workers, neglecting other crucial business considerations. Yet, these notions are often misrepresentations. In fact, globalisation’s trajectory isn’t necessarily irreversible. Historical events, like wars or significant economic downturns, have previously hindered its momentum.
As globalisation’s momentum seems unstoppable, its future pace remains uncertain. A range of factors will influence it, with sovereign governments playing a pivotal role. They possess the tools to either promote or hinder globalisation. We must remember the early 20th century, when the global economy was remarkably open until World War I disrupted its course. The aftermath led to international collaboration and birthed institutions like the IMF and the World Bank.
In conclusion, the world is an intricate web of nation-states in a vast global marketplace. Establishing the right rules for a resilient, beneficial, and legitimate global system is paramount. International institutions must strive to ensure globalisation’s benefits are accessible to all by eliminating various barriers and fostering integration. Only then can more people across the globe genuinely reap the fruits of globalisation.
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