Globalization and Protectionism Perspectives

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Globalization and Protectionism
Protectionism constitutes a typical symbol for the notion of the robust economy – the perspective that a market is strong and resilient when nations mitigate or control commercial engagements with other nations (Erixon 2). It is a philosophy of war. On the other hand, globalization describes the burgeoning interdependence of the global cultures, populations, and economies, anchored on cross-border commerce in services and goods, technology, as well as flow of people, investment, and information (Peterson Institute of International Economics). The globalization narrative is anchored on external and inside dichotomy substitution within an extension of intrastate nonaggressive systems, culminating into an increasingly peaceful engagement of democratic nations (Demuth 63-64).
A policy anchored globalization philosophy can make society a better place to live in and solve the deep-rooted challenges, including poverty and unemployment. For example, technology sharing with developing economics could assist them in progress. In contrast, protectionist policies could temporarily generate employment for domestic laborers. The protection of quotas, subsidies, or tariffs encourages domestic firms to hire locally, but this undermines the company’s growth prospects (McDonald).
In an increasingly digital world, globalization can be partially thwarted. It is possible to shift from the traditional globalization anchored on physical goods to digital globalization driven by emergent technologies. For example, new technologies are shifting the world towards the “production-at-the-point-of-consumption” of products, food, and energy with lower dependence on glob...