Union External Affairs Minister S. Jaishankar highlighted the drawbacks of globalization on Monday, acknowledging its benefits while pointing out its negative impacts. He emphasized that globalization has turned currency, trade, and tourism into “weapons,” and noted that the concentration of economic power in a few regions has made much of the world dependent on them.
Speaking at the Nigerian Institute of International Affairs in Lagos, Jaishankar remarked, “Today, currency is a weapon, trade is a weapon, tourism is a weapon. They may dominate as producers and consumers, often leveraging their market shares for national purposes. This world order, established in 1945, persists because those in control are reluctant to create more opportunities for others.”
Jaishankar observed that the world order, originally diverse, was distorted by Western domination. He emphasized the importance of restoring natural diversity in the post-colonial era, describing it as a collective objective. He pointed out the challenges in this process, noting that despite gaining independence, many nations continue to face dominance from those who have controlled the world for the past 200 to 300 years, using new instruments and techniques.
“While globalization has yielded positive results, it has also led to deep economic concentrations, where much of the world depends on the production of a few key regions,” Jaishankar stated.
The External Affairs Minister is in Nigeria to co-chair the 6th India-Nigeria Joint Commission Meeting and inaugurate the 3rd edition of the Nigeria-India Business Council meeting.
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