GLOBALISATION

The 2008 recession shattered the well crafted narrative of globalisation. A free economy did deliver the profits as expected. Wealth generation was at its peak. The first onslaught on globalisation was the widening inequality in wealth distribution, more in developed countries. Developing countries were basking in the glory of high economic growth ignoring their long-standing problem of inequality. The first ones to abandon this naturalised model of growth were its champions. Developed economies decided to go back to their earlier worlds: the economy of and for locals. For the new generation, the decade witnessed arrival of the new rage: deglobalisation.