rnin  o io    onomi ss es       21.21
     conclusion                                                   among these economies are getting tough. Even
                                                                  unconventional monetary policies have been tried
     The latest reports remind us that little has changed
     for farmers in the past one decade (during which             (pursuing for negative interest rate regime) without
     farmers’ suicides have spread even in the traditional        much results. In the wake of this several of these
     Green Revolution areas where farmers were                    economies have signalled ‘protectionist’ rhetoric.
     believed to be richer and financially more secured).         Right from the Brexit to the rise of protectionist
     It clearly proves that the agriculture sector, which         US (in post-Trump period) are the major signals
     sustains half of the country, is still out of the real       of reversal from the process of globalisation.
     attention of Government policy, although in the                   The other reason for reverse globalisation is
     last two years we see an increased focus from the            rooted in the aftereffects of the globalisation since
     Government of India on the farming sector.                   1995. The experiences of globalisation have not
                                                                  been uniform and singular for the different member
        10. DegloBAliSATioN—The                                   nations. Some have reaped high dividends while
        AfTereffecTS                                              some other have gone into huge negative trade with
                                                                  their trading partners. Other than the contentious
     introDuction                                                 issues related to agriculture, public stockholding
                                                                  of food, drugs patenting and climate, in past
     Countries moved on the path of globalisation
                                                                  one decade, the world has increasingly debated
     under a highly legitimate global body, the
                                                                  the ‘negatives’ of globalisation in a very vigorous
     World Trade Organisation (WTO) in 1995. The
                                                                  way—increasing income inequality, adverse
     apprehensions of the developing nations soon
                                                                  impact on environment and climate, etc. being the
     diluted as they started reaping economic benefits
     out of it. Though the course of globalisation                major ones. Due to this, negative sentiments have
     remained a bit chequered, it has proved to be better         been growing among the developed economies
     for the emerging economies to a large extent, the            towards the process of globalisation (interestingly,
     reason they are still the staunchest supporters of           these were the apprehensions of the developing
     the process. But suddenly the world looks going              countries while the WTO was under the process
     in the reverse gear and the process of reverse               of negotiation, between 1985 to 1994 and even
     globalisation (deglobalisation)11 looked certain             after it!).
     by early 2017. This course will have differentiated               At the G20 Summit (Baden-Baden, Germany,
     effects on the developed and developing economies            mid-March 2017) loud voices against globalisation
     in short- and long-term. Meanwhile, the emerging             were heard. The US put its concerns regarding its
     market economies will have to face their own set             huge trade deficits with key G20 members, such as
     of challenges due to it.                                     Germany and China. Though the country denied
                                                                  its desire to get into trade wars but emphatically
     chAnging globAl contours                                     called for a farer trade with it. Not only this,
     The seeds of deglobalisation process can be found            on the margins of the Summit the US clearly
     in the global financial crisis of 2007-08 and the            expressed its desire towards re-negotiating not
     failure of the developed economies to recover                only with the NAFTA but the WTO, too. The
     from it. Recovery from the Great Recession                   rise of protectionist US has virtually failed not
                                                                  only the G20 Summit put it has put the course
       11.  The write-up is based on the Economic Survey 2016-17,
            various issues of The Economist and other media       of globalisation in reverse gear. The course of
            sources.                                              globalisation looks completely uncertain.