Economics of Globalisation or Globalisation of Economics

Globalisation is the new age colonization whereby the hegemonic capitalist state has overtaken theworld. The dialectics of economics has reignited the argument of open economy versus closed economy. Present scenario is such that the less developed countries and UDCs cannot afford an inward looking economy but it is also true that the sovereignty of these nation states is at risk. Deliberations have to be made to find a mid way which does not take away the very soul of these states. Statesmen like Chanakya and economists like Adam Smith have all been consensual to the fact that politics and economics are intertwined and therefore the analysis of one is incomplete without the other. Political narrative in today’s world has changed from globalisation to glocalisation to rashtr nirman; thereby making it compulsive for analysts and commentators to include them in their views. Lastly, the future of globalisation also has to be looked into because the future of India depends on it