Globalization – A Setback

Globalization, once hailed as the solution for economies seeking to grow through free-markets, has suffered a setback in the current crisis. Many countries have enacted inward-looking policies that threaten to reverse globalization or foster protectionism. Meanwhile, some countries less open to the world seem to have weathered the storm better than the rest, challenging the notion of the benefits of an interconnected global economy. On the other hand, a country with limited resources like Jordan, which joined the bandwagon of open economies to take advantage of the benefits of an increasingly interconnected world, today finds itself in a quandary. Should it turn around its economic policies to move away from liberalization? While the economic recovery and the “new economic order” remain uncertain, Jordan still believes in globalization insofar as the current wave of protectionism does not accelerate. – YaleGlobal