Globalization With Asian Characteristics

As Britain elected to end membership with the European Union, the Asian Infrastructure Investment Bank held its first annual meeting – a juxtaposition that is “an indicator of the changing dynamics of globalization,” suggests policy analyst Chietigj Bajpaee for the Diplomat. Populist and protectionist stances, once regarded as extreme, are now mainstream in Europe and the United States. Western powers “place a growing emphasis on protecting national self-interests over projecting global norms, values and institutions,” Bajpaee writes. “This will lead to the growth of ungoverned spaces, a breakdown of global norms and institutions, and an inability to tackle transnational threats” like terrorism and climate change. Asia could fill the vacuum, perhaps with less elite-driven policymaking and bureaucracy. Asian nations may lack consensus on global norms, but expect international institutions to provide balanced leadership and agendas. Asian nations could lead on globalization in the 21st century, setting new terms on lending and development, especially if they step up on security to protect the global commons amid wariness over China’s rise. – YaleGlobal