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18 Oct, 2013

Safeguard economy by reversing present form of globalisation – Hindustan Times

Why should the world watch with increasing trepidation, the impending default of the United States’ debt payments? If a global economic meltdown worse than in 2008 stares at us, we should be asking some serious questions about the form of globalisation that has made us so vulnerable.

And what is common between this and the recent threatened power breakdown in south India resulting from the Telangana agitation?

Both these, and a number of other periodic crises we face, are related to the increasing intermeshing of global and national economies and infrastructure. Whether it is the centralised grid of electrical power in India, or the grid of financial power across the world, the last few decades have seen an intensification of potentially paralysing economic interdependence rather than genuine cultural exchange.

If we want to save ourselves from such periodic shocks, we need to reverse this form of globalisation and centralisation. Why should we suffer economic woes if the Republicans and Democrats in America can’t get their act together? Why should most of Andhra Pradesh’s residents have to tolerate crippling power cuts because some folks want Telangana and others don’t?

During the 2008 global economic crisis, our prime minister proudly spoke about how we were ‘buffered’ because our economy was not fully globally integrated.

Read the rest: Safeguard economy by reversing present form of globalisation – Hindustan Times.