Is Globalisation In Retreat?

Globalisation, which in essence, means openness in international economic relations, has recently come under strain. Several factors are responsible for this. One of major elements is growing mistrust between the countries that dominate global trade. Following Cold War, an unprecedented openness in trading relations of countries became the order of the day. Globalisation attracted countries helping them to reduce poverty besides spurring rapid economic growth. Drastic reduction in global poverty was comparatively noticeable in East Asia. China, in particular, achieved double digit annual economic growth. Consequently, living standards measured against per capita income improved, too.