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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.