Here's how re-globalization can lead to positive change (2024)

Here's how re-globalization can lead to positive change (1)
  • COVID-19 and protectionist policies have led to a slowdown in international trade and a retreat from global cooperation.
  • Re-globalization is a powerful concept that renews focus on interconnectedness, cooperation and trade between nations.
  • Young Global Leaders outline why re-globalization can help communities navigate complex challenges of the 21st century.

The trend towards globalization has faced significant challenges in recent years. The COVID-19 pandemic and the rise of protectionist policies in various parts of the world have led to a slowdown in international trade, supply chain bottlenecks and a retreat from global cooperation.

But as we look towards the future, there are compelling reasons for leaders to consider the importance of re-globalization. It is a powerful idea that renews focus on interconnectedness, cooperation and trade between nations.

While it may seem counterintuitive in the face of recent trends, re-globalization has the potential to unlock significant benefits for countries and their citizens. From increased economic growth to improved social and environmental outcomes, it can be a catalyst for positive change, and leaders who embrace it will be better positioned to navigate the complex challenges of the 21st century.

Young Global Leaders

At the core of re-globalization lies an unyielding dedication to sustainability and equity, driving every effort and ambition. Nevertheless, there is a risk of diluting reglobalization's deeper meaning as it is applied to a multitude of concepts. To circumvent this, we must refocus on the overarching objective: re-globalization is the epitome of an optimistic mindset and a harbinger of growth.

Thirty-five of the World Economic Forum’s Young Global Leaders (YGLs) recently met in Singapore at the Nanyang Technological University’s (NTU) Institute of Science and Technology for Humanity (NISTH) for a programme to explore the importance of technology in building a more sustainable and equitable future for all.

Singapore provided an ideal opportunity to witness this mindset across private industry and public institutions; and, in many cases, synergistic collaboration between both.

The YGLs observed how re-globalization starkly contrasts the pessimistic voices advocating for de-globalization, reshoring or describing a future in which the world is divided and more polarized.

Here's what some of them had to say:

'Re-globalization is a necessary mindset shift in our interconnected world'

Alanoud Bint Hamad Al Thani, Deputy Chief Executive Officer, Qatar Financial Centre (QFC), Qatar

Re-globalization is not just a buzzword, but a necessary mindset shift for leaders in our interconnected world. By adopting a re-globalization mindset, leaders can help create a more sustainable and interconnected world that benefits people, the planet and the economy.

In our NTU education module, we have learnt how Singapore’s leadership in sustainability and innovative use of technology serves as a powerful example of how it can drive progress.

With significant investments in sustainable technologies, initiatives to reduce its carbon footprint, and green finance, Singapore has positioned itself as a model for other countries to follow in creating a more sustainable and equitable future for all.

'We must prioritize the re-globalization agenda to strengthen global community'

Juan Jose Pocaterra, Co-Founder and Chief Executive Officer, ViKua, Venezuela

The COVID pandemic has brought the interconnectedness and interdependence of our world into sharp focus for everyone. As leaders, it is crucial that we prioritize the re-globalization agenda in order to create a sustainable future for generations to come.

To strengthen our global community and ensure the survival of the human species, we must work together to find solutions to the challenges that face us.

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These challenges include repurposing human value creation due to the rapid development of artificial intelligence (AI) technologies, adapting supply chains to deal with natural and human-made disasters, and generating environmentally-friendly economic growth that can reduce poverty without endangering future generations.

Re-globalization can play a vital role in facilitating this cooperation, enabling us to find efficient solutions and, most importantly, rebuild the trust, goodwill and collaborative spirit that seems to have waned in recent years.

Leaders who embrace the need to rebuild this trust can become a powerful force for good, contributing to the achievement of a model that promotes equitable and sustainable growth for everyone, with no-one left behind.

'Leaders should spend more time reconciling our differences'

Priyanka Bakaya, Commercialization Advisor, US Department of Energy, United States

As Young Global Leaders, we are living through the proverbial “best of times and worst of times”.

In Singapore, through site visits and group exercises we grappled with many dualities the world faces in the fight for a new world order: globalization vs localization, environmental, social and governance (ESG) vs anti-ESG, information vs misinformation, equity vs inequity, the future of AI’s role vs human’s role.

Diversity, equity and inclusion

What's the World Economic Forum doing about diversity, equity and inclusion?

The COVID-19 pandemic and recent social and political unrest have created a profound sense of urgency for companies to actively work to tackle inequity.

The Forum's work on Diversity, Equality, Inclusion and Social Justice is driven by the New Economy and Society Platform, which is focused on building prosperous, inclusive and just economies and societies. In addition to its work on economic growth, revival and transformation, work, wages and job creation, and education, skills and learning, the Platform takes an integrated and holistic approach to diversity, equity, inclusion and social justice, and aims to tackle exclusion, bias and discrimination related to race, gender, ability, sexual orientation and all other forms of human diversity.

Here's how re-globalization can lead to positive change (2)

The Platform produces data, standards and insights, such as the Global Gender Gap Report and the Diversity, Equity and Inclusion 4.0 Toolkit, and drives or supports action initiatives, such as Partnering for Racial Justice in Business, The Valuable 500 – Closing the Disability Inclusion Gap, Hardwiring Gender Parity in the Future of Work, Closing the Gender Gap Country Accelerators, the Partnership for Global LGBTI Equality, the Community of Chief Diversity and Inclusion Officers and the Global Future Council on Equity and Social Justice.

A key takeaway of this module was that as leaders we should hold space in our lives for listening, accepting and embracing the dichotomies we individually and collectively encounter in today’s interconnected and fractured world.

The module ended with the quote, “The best thinkers can hold two opposing views at once” – an eloquent reminder that as leaders we should spend less time pushing one-sided agendas and more time reconciling our differences.

'An opportunity to craft a more resilient, inclusive and equitable industrial space'

James Mnyupe, Presidential Economic Adviser and Green Hydrogen Commissioner, Office of the President of Namibia, Namibia

Re-globalization provides an opportunity for us all to craft an industrial space that is more resilient, inclusive and equitable than the one we inherited.

I believe we have the responsibility to learn from the efforts of those who came before us, and an opportunity to create a robust foundation to leap from for those who are to come.

This privilege is profound and precious yet needs to be seized assertively.

Young Global Leaders goals align with re-globalization

As re-globalization harmonizes with our goals as Young Global Leaders, we must integrate this mindset into our personal and professional lives.

In doing so, we fulfil our mission to propel a future marked by equity, sustainability, and interconnectedness, ensuring that every individual benefits and no-one is left behind.

Here's how re-globalization can lead to positive change (2024)


How does globalization have a positive impact? ›

Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.

What are the positive and positive effects of globalization? ›

In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods.

Can globalization bring about a positive or negative change in society? ›

Some argue that globalization is a positive development as it will give rise to new industries and more jobs in developing countries. Others say globalization is negative in that it will force poorer countries of the world to do whatever the big developed countries tell them to do.

What are the 5 advantages and disadvantages of globalization? ›

The Advantages and Disadvantages of Globalization
  • Access to New Markets. ...
  • Spread of Knowledge and Technology. ...
  • Enhanced Global Cooperation and Tolerance. ...
  • Promotes Economic Growth. ...
  • Increased Competition. ...
  • Exploitation of Labor and Resources. ...
  • Imbalanced Trade. ...
  • Domestic Job Loss.
Jul 25, 2022

What are 3 positives or benefits about globalization? ›

Potential benefits of globalization for the economy include increased choice, higher quality products, increased competition, economies of scale, increased capital flows, increased labor mobility and improved international relations.

What is globalization in your own words? ›

Globalization is a term used to describe how trade and technology have made the world into a more connected and interdependent place. Globalization also captures in its scope the economic and social changes that have come about as a result.

What is an example of a globalization? ›

Thus, globalization can be defined as the stretching of economic, political, and social relationships in space and time. A manufacturer assembling a product for a distant market, a country submitting to international law, and a language adopting a foreign loanword are all examples of globalization.

What are some positive effects of globalization quizlet? ›

Positive effects of globalization include:
  • economic growth for some countries.
  • cultural diversity.
  • technological advancement.
  • rise of new social movements.
  • transparency in political decisions.

Why is globalization important? ›

Why is globalization important? Globalization changes the way nations, businesses and people interact. Specifically, it changes the nature of economic activity among nations, expanding trade, opening global supply chains and providing access to natural resources and labor markets.

What are the effects of globalization? ›

Globalization has paved the way for new markets, enhanced trade and investment, and fostered cross-border technology and knowledge transfers. These developments have contributed to greater economic growth, improved productivity, and job creation in numerous areas worldwide.

What are some positive consequences of global integration? ›

Advantages of Globalization
  • Economic Growth. It's widely believed that increased globalization leads to greater economic growth for all parties. ...
  • Increased Global Cooperation. ...
  • Increased Cross-Border Investment. ...
  • Increased Competition. ...
  • Disproportionate Growth. ...
  • Environmental Concerns.
Apr 1, 2021

What are 6 positive effects of globalization? ›

Frequently Asked Questions about Effects of Globalisation

Globalisation affects developing countries both positively and negatively. It reduces poverty, gives them access to technology, provides jobs, causes them to unite and work together, increases tolerance for other cultures.

Is globalization good or bad why? ›

Globalization has increased awareness among global consumers of different opportunities for investment, economic trends, and new products. Socially, globalization provides populations around the world with better interconnectedness. Culturally, it promotes the increase in the exchange of values and ideas.

Does globalization benefit everyone? ›

According to a new study measuring the gains brought about by globalization, everybody wins — especially those in industrialized countries. Yet the gains are unevenly distributed, both between and within countries.

What are two positive results of globalization? ›

What Are the Benefits of Globalization?
  • Access to New Cultures. ...
  • The Spread of Technology and Innovation. ...
  • Lower Costs for Products. ...
  • Higher Standards of Living Across the Globe. ...
  • Access to New Markets. ...
  • Access to New Talent.

How does globalization affect yourself? ›

On an individual level, globalization has affected the standard of life and quality of life of individuals and families throughout the world. Standard of living is the level wealth, comfort, material goods, and necessities available to a certain socioeconomic class in a certain geographic area.

What are 5 examples of globalization? ›

How do Globalization Examples Work?
  • Advances in transportation and communication. Advances in transportation, such as air travel and shipping, have made it easier and cheaper to move goods and people across national borders. ...
  • Trade liberalization. ...
  • Investment and financial flows. ...
  • Cultural exchange. ...
  • International organizations.
6 days ago

How does globalization affect society? ›

Globalization is associated with rapid and significant human changes. The movements of people from rural to urban areas has accelerated, and the growth of cities in the developing world especially is linked to substandard living for many. Family disruption and social and domestic violence are increasing.

What was a key thing to have in globalization? ›

The characteristic elements that constitute economic globalization are cross-border flows of goods and services, capital, people, data and ideas.

What is a positive example of cultural globalization? ›

Examples of Cultural Globalization

In the U.S., we've adopted lots of great things from other cultures and traditions, including lots of foreign cuisine, like Chinese, Thai, and Mexican food. In Europe, music from various European countries will, despite different languages, be heard in clubs and restaurants.

How do we experience globalization in everyday life? ›

The ever-changing organisation of different regions and countries around the world. Examples include the sharing of visas between certain countries which enable people to work, live, and travel easily in countries other than their own.

What is the biggest example of globalization? ›

Some examples of globalisation are: Automobile manufacturing makes use of spare parts from different countries and is finally assembled in one country. Computer parts and accessories are manufactured in a foreign country and are sold in another country.

What is an example of globalization in us? ›

A car being assembled in the United States may import parts from Japan, Germany, or Korea. This creates a whole new avenue for trade, when the United States has to pay for certain parts from around the world, wait for them to be shipped, and then resume localized production.

What is one cause of globalization? ›

The most important causes of globalization differ among the three major components of international market integration: trade, multinational production, and international finance.

What are the costs of globalization? ›

Summary of costs/benefits
Lower prices/ greater choiceStructural unemployment
Economies of scale – lower pricesEnvironmental costs
Increased global investmentTax competition and avoidance
Free movement of labourBrain drain from some countries
1 more row
Jun 27, 2019

When people trade How does both sides benefit? ›

When people trade, both sides benefit from the transaction. Sellers of course gain monetary satisfaction and buyers gain satisfaction since they are able to buy goods that cost less as compared to what they have in their local market.

How do we make globalization more? ›

Expanding the scope of trade rules to growing areas such as services and digital commerce, and to ensure stronger provisions in areas like labour, subsidies, and competition with state-owned enterprises. Global action on migration – its mitigation, management, and consequences.

What is globalization short essay? ›

Globalization refers to integration between people, companies, and governments. Most noteworthy, this integration occurs on a global scale. Furthermore, it is the process of expanding the business all over the world. In Globalization, many businesses expand globally and assume an international image.

How does globalization improve the world communication? ›

Globalization has brought people from different countries together on a single platform. With the internet, it's become easier to learn about a different culture: now a person from a different country can interact with another which helps her improve her intercultural communication.

How did globalization change culture over time? ›

The spread of common wealth and access to technology gave rise to a shared cultural experience between borders. Western influence in music and movies spread across borders. Similarly, music from different nations spread across the globe.

What will be change in globalization in the future? ›

Whilst the global growth opportunities are clear to see, globalisation can add complexity and increased risk to your business model, especially to supply chains. Firms often find that expansion often means increased competition, more legal challenges and greater data collection challenges.

How does globalization affect human rights? ›

At the same time globalization intensifies impoverishment by increasing the poverty, insecurity, fragmentation of society and thus violates human rights and human dignity of millions of people.

How does globalization affect poverty? ›

Greater openness also tends to be associated with greater volatility and economic shocks, which affect the vulnerable and the poor households harder and deepens poverty and income inequality at least temporarily.

How does globalization affect culture? ›

Whether you're Googling about tribal cultures or meeting people from India, globalization allows you to learn about other cultures and develop a wider cultural understanding through the Internet and increased opportunities for international travel. Globalization has also helped create a flexible labor market.

Is globalization a problem? ›

Globalization presents challenges for multinational corporations in terms of capital investment and leadership. Setting up a business in a new country, especially a developing country, requires substantial upfront capital. The needed infrastructure may not be in place.

What are the benefits of economic growth? ›

High economic growth leads to increased profitability for firms, enabling more spending on research and development. This can lead to technological breakthroughs, such as improved medicine and greener technology. Also, sustained economic growth increases confidence and encourages firms to take risks and innovate.

Who really wins from globalization? ›

Globalization allows low cost producers and very high-quality producers to do well. That makes the world's consumers (like us) the big winner!

What are the three impacts of globalization on culture? ›

What are the three impacts of globalisation on culture? Cultural erosion, cultural diffusion, and cultural hom*ogenisation are impacts of globalisation on culture.

What are 3 negative effects of globalization? ›

Cons of globalization include:
  • Unequal economic growth. ...
  • Lack of local businesses. ...
  • Increases potential global recessions. ...
  • Exploits cheaper labor markets. ...
  • Causes job displacement.
Oct 12, 2022

What is one of the effects of globalization? ›

Globalization means the speedup of movements and exchanges (of human beings, goods, and services, capital, technologies or cultural practices) all over the planet. One of the effects of globalization is that it promotes and increases interactions between different regions and populations around the globe.

What are some examples of globalization today? ›

A manufacturer assembling a product for a distant market, a country submitting to international law, and a language adopting a foreign loanword are all examples of globalization.

What is the impact of globalization on society? ›

Globalization is associated with rapid and significant human changes. The movements of people from rural to urban areas has accelerated, and the growth of cities in the developing world especially is linked to substandard living for many. Family disruption and social and domestic violence are increasing.

How does globalization affect society and culture? ›

The major consequences of globalization have been: the transmogrification of traditional religions and belief systems; the beginning of the disintegration of the traditional social fabrics and shared norms by consumerism, cyber-culture, newfangled religions and changing work ethics and work rhythms; the fast spreading ...

Is globalisation good or bad? ›

Globalization has increased awareness among global consumers of different opportunities for investment, economic trends, and new products. Socially, globalization provides populations around the world with better interconnectedness. Culturally, it promotes the increase in the exchange of values and ideas.

Is globalization positive or negative? ›

Globalisation has been positive by improving the quality of life in many countries. On the other hand, there have been negative impacts of globalisation, such as increased global inequality, increased corruption, loss of jobs and environmental degradation, to name a few.

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