Waves of anti-globalization and capitalism and its impact on world economy - Prof. Dr. Abdul Ghafoor Awan

Globalization has been dominating in the most part of the world and the countries have opened their markets to take its benefits. But after 15 years of globalization, some countries are feeling pains due high rate of unemployment, stagnant wage rate, racial conflict and development of anti-globalization sentiment. The British decision to quit European Union and the success of Donald Trump in US election are the two important events in this respect. The objective of this paper is to analyze post-Brixit and Post-US election scenario and likely effects of these events on the world politics and economy. Another objective is to study whether anti-globalization sentiment is developing due to inherent weakness of capitalism or international trade. For this purpose, we have intended to investigate the causes of Brixit protectionist election-manifesto of US president-elect, Donald Trump and analyze rapidly changing political and economic scenario of the world so that we will be able to draw the results whether the world is moving from globalization to protectionism. Donald Trump has announced to impose 45% tariffs on imports from China, deport 13 million illegal immigrants, scrap free trade agreements signed during Obama's period, and cancel nuclear deal with Iran, renegotiate with terms and conditions of World Trade Organization (WTO) and the expenditure of NATO alliance. We surmise if it happens it will cause an open trade war among the United States and European Union as well as among China and Western countries. Similarly, geo-strategic scenario of the world will also be changed because Japan, Germany and South Korea will have to build their military arsenals to counter impending threats from their rival countries as US military protection will not be available to them. Kew Words: geo-strategic scenario, Brixit, Globalization, Nationalism, Capitalism.