Globalization, roughly defined as ‘the freer movement and flows of capital, good(trade), people and perhaps even culture’ is in retreat. It is suggested by some that the world is in the midst of ‘deglobalization’ where countries are retrenching and retreating from the processes of globalization, imposing the proverbial walls on these. In this schema, the cooling off relations between the United States and China, presaging Cold War 2.0, is held to be emblematic of the new trend, hastened by the Covid-19 pandemic.

While it amounts to stating the obvious that historically, globalization has moved in waves, with the latest wave emanating in the culminating decades of the 20th century, its seeds were sown soon after the end of the Second Great War. The multilateral institutional firmament, of the twin sisters-the World Bank and the IMF, the United Nations and its allied bodies, the rebuilding of Europe through…

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