Let leave EU inspire world to introspect

The great global debate on Brexit seems to be missing on one thing, failing to notice it would jeopardise the very process of globalisation. Beginning with unprecedented changes in the communication and transportation technologies, the global village evolved as a reality with economic integration of the unequal world.

But, the fact remains is that some are in the mainline and some are in the loop line as effectively described by the United Nations Development Programme. The Brexit and the consequent threat of possible disintegration of European Union is the result of the failure of the world to grapple with this basic fact of contemporary globalisation.

The rising tide of wealth is supposed to lift all the boats. But, some are more sea worthy than others. While the ocean liners are rising up to the new opportunities, the rafts and row boats are sinking and some are even taking on water. Realisation of this reality is vital for the sustenance of the European Union in the post Brexit era.

Even President Barak Obama acknowledged the fact that Brexit was the reaction to globalisation. But, he dismissed the fears as illegitimate. Legitimate or illegitimate, the fact remains, is that failure to placate would be catastrophic for the process of globalisation which is now almost irreversible. The world has to rethink on its content now.

What is at the root of this discontent over European Union? Though it is supposed to be an economic union, the German capital dominated it indicating the uneven character of globalisation of finance that needs to be corrected at the global stage too for the mankind to reap the benefits of the scintillating pace of globalisation.

The emergence of European Union saw the free flow of finance and people within the member states. But, the unhindered flow of finance could not bridge the uneven development and which coupled with the fiscal austerity regime resulted in ballooning of unemployment. This in turn channelised the discontent against the immigrants taking the form of xenophobia.

When capital integrates to the detriment of some and to the benefit of others, the ultra nationalist sentiment will tear apart the global village. The Challenge to EU from Brexit and its aftermath illustrates this. A dogmatic total rejection of globalisation is oblivious to its visible benefits. But, financial oligarchy and artificial fusion of economic policies without appreciating the concrete concerns of each country as happened in EU are also equally abhorrent.

The democratic will of the nation and its people cannot be sacrificed at the altar of overzealous globalisation. The EU conservatism has stifled the policy space in Britain and elsewhere in the group leading to simmering discontent against the conglomerate itself. The financial fortress in EU failed to herald a people’s citadel.

As the former World Bank economist and Nobel laureate Joseph E Stiglitz remarked globalisation could be either success or failure, depending on its management. There is a success when it is managed by national government by embracing their characteristics of each individual country. Otherwise the democratic will of the people will challenge the economic tyranny, as exemplified by leave EU campaign.