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Amrita Narlikar on the restructuring of the global economy

Amrita Narlikar is a professor of political science at Universität Hamburg and president of the German Institute for Global and Area Studies (GIGA) in Hamburg. Originally from India, she is a distinguished global fellow of the Indian Association of International Studies (IAIS). We requested Amrita Narlikar 3 questions in regards to the struggle towards Ukraine and its penalties for globalisation.

Professor Narlikar, the assault on Ukraine initiated by means of Russia’s President Vladimir Putin has made world financial interdependencies very visual. Are we seeing the insidious finish of globalisation?
Perhaps, if the present demanding situations are successfully controlled, we will be able to now not see an finish to globalisation, however a rebooted model of it. Globalisation has been a drive for the great, for example, in serving to lift thousands and thousands out of abject poverty. But too many students and policy-makers have underestimated its darkish aspect. Adding to considerations about inequality and marginalisation of weaker actors, we are actually seeing the emergence of an international the place the binds of financial interdependence are getting “weaponised”. In this global of geoeconomic pageant, there are unparalleled trade-offs between prosperity and safety. To cope with those successfully, we’d like a realignment of provide chains, particularly in strategically essential sectors, and likewise a basic reform of the principles of multilateralism.

Will the worldwide financial system as soon as once more fall aside into particular person blocs: the seven main business countries and democracies together with the EU, a sphere of affect ruled by means of China, an separating Russia and an increasingly more emancipated India?
If the protection dangers posed by means of financial alternate are addressed in an efficient way, we needn’t get the department of the sector into blocs. An excellent-case state of affairs could be a carefully-managed diversification of provide chains, with upper ranges of integration amongst like-minded companions and allies. This diversification is probably not cost-free. But if we refuse to acknowledge the hazards posed by means of the previous fashion of globalisation, we will be able to run into even larger issues. The difficulties that Germany has encountered in disentangling itself from its dependence on Russia for power provides is a living proof; India’s dependence on Russia for army provides is every other. These are difficult courses; the similar errors must now not be repeated with appreciate to China. Realignment of provide chains must be going down now, and the EU and India must be operating intently in combination on plenty of shared considerations.

The China-Taiwan struggle is simmering within the background, and the West has even nearer financial ties to China than to Russia. What is in retailer for us?
This is an pressing second for us to be operating intently with the United States, and likewise like-minded democracies within the Global South which might be similarly inquisitive about authoritarian advance on their borders. India’s refusal to take a powerful stance towards Russia disenchanted many; whilst the disgruntlement is comprehensible, India’s behaviour must now not have come as a marvel given its large dependence (50-80%) on army provides from Russia. There is a sad irony to this – by means of now not status as much as Russia, India is inadvertently additionally strengthening authoritarian China’s hand. By deepening our cooperation with democracies like India – at the inexperienced transition, the virtual transformation, and likewise on delicate (dual-use) era – we will be able to be performing in now not simplest our pursuits but additionally supporting our shared values. The invitation by means of Olaf Scholz to Narendra Modi for the G7 Summit was once a sign in the suitable course. But a lot more must be executed.

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