Despite its advantages, the globalisation strategy has been criticised for adversely affecting local businesses and labor practices in developing nations. The concept of regionalism gained momentum due to the intensification of global war in various fields as a result of globalisation. The global economy, food programs, and humanitarian initiatives could be at risk due to a move from globalisation to regionalism. The world’s significant shift from globalisation to regionalism is due to the exploitation and disparities that were present in the former system. Achieving an equilibrium between regionalism and globalisation will be pivotal in shaping the world’s future.

Source: The Nation September 18, 2023 19:13 UTC