Turning Back

Globalization is unstoppable despite its current challenges By Cao Xing

Globalization, despite the benefits it has brought to humanity, is seriously challenged by populism today. Since the 2008 financial crisis, there has been a strong momentum in the return of populism represented by rising trade protectionism in some countries, Britain’s exit from the EU, and the surprise victory of Donald Trump as U.S. president.

At the same time, ethnic separatism and religious extremism are also rampant. Such antiglobalization phenomena seem to indicate that the globalization tide is turning with the challenge of populism. Some have even said that globalism, represented by globalization, is just a utopian concept which does not exist and cannot be achieved in real life.

What is noteworthy is that there is also a trend going against populism. Right-wing populist candidates were defeated in several European elections. Various free trade zones have been steadily advanced. Projects under the Belt and Road Initiative and funded by the Asian Infrastructure Investment Bank are being implemented. All of them play a positive role in promoting global cooperation and pump a new driving force to speed up globalization. It is too early to assert that the tide of globalization is changing.

There are two kinds of daunting challenges with regard to globalization. One is populism, as exemplified by Brexit and the “America first” strategy adopted by the Trump administration in the U.S. The United Kingdom abhors the idea of getting heavily involved in salvaging the debtridden members in the EU and wants to liberate itself from EU red tape. The United States under the Trump administration does not bother to hide its resentment of free riders of globalization and has become inward-looking.

The other challenge is radical nationalism which places too much emphasis on one’s own country while completely ignoring the contribution of others.

In terms of social studies, many argue that humanity evolves from populism to nationalism, and then to globalism. This is a substitution theory which contends that nationalism will eventually replace populism, and globalism will replace nationalism. But such argument is misconceived.

We still live in an era where populism, nationalism and globalism coexist. Populist politics will not vanish as it serves as a handy tool for political purposes. In today’s world, nationalism, aiming at protecting national interests, prevails. The power of nationalism far outweighs those of populism and globalism. That’s why when globalism clashes with national politics, antiglobalization occurs.

At the opening ceremony of the 2017 World Economic Forum, Chinese President Xi Jinping stressed that we should unswervingly promote economic globalization and guide the trend of economic globalization. In order to build a community of shared future, human society should find a way to overcome extreme populism, radical nationalism and aggressive globalism.

The tidal wave of globalization will continue to progress with globalism and nationalism coexisting, without one being replaced by the other.