What is happening to ‘globalisation’? The current multi-faceted crisis is transformational, driving deep structural changes. As Ghosh has pointed out, the growth of regionalism is one key outcome of the “contradictory dynamics of globalisation” (Ghosh and Guven, 2006). By this antithetical process, the post-war, US dominated economic order is being steadily replaced by a multipolar system with distinct trading norms, currencies and forms of integration. What will this new system look like?
In Chopra, P. K. (ed). Development macroeconomics, global issues and human development: Essays in honour of Prof B. N. Ghosh.