Khandker Rahat Mahmud :
Globalization, the widely talked and thought changing word has given the world many aspects of global advantage. It lifted millions out of poverty in emerging countries, also brought down the price of consumer goods in developed countries as developing or low income countries where the goods produced with cheap manufacturing cost exported to developed country maintaining international rules and regulations thanks to globalization. But now the situation is different. Coronavirus pandemic has made the global idea to the way of further thinking about globalization. It would be proper time to rethink about it. Coronavirus pandemic or Covid-19 has made the world leader not only to rethink about health sector crisis, also about creaking the globalization procedures or norms.
Globalization as not merely an economic phenomenon must be considered in view of social and political implications. More bluntly, production of cheap manufactured goods of the world concentrated in some listed countries, China of which the biggest manufacturer now faces huge risk due to Coronavirus pandemic starting from the Wuhan the capital City of Hubei province on late December 2019 ceasing about 4632 lives with disruption in the supply chain management of manufactured goods across the world.
Some analyst said that coronavirus pandemic is a global crisis, not a crisis of globalization. But when Covid -19 crisis will over, food, job and other related crises will start and in this new situation, it is too hard for political leaders to see the way, now seen the things happened. Because it assumes that many questions will come such as how to be better prepared for any unseen disaster the next time. Besides, in or after such crisis one never draws a line between global crisis and globalization crisis whether all economics are almost closed month after month.
In current lock down situation where all airlines grounded, countries feel the necessity of multiple source of supply for essential goods especially food and medical equipment or raw materials behind making that medicine or equipment. Such situation demands making fast updated plan for supplies to reach in hand of people very short time in any crisis moment. Like Bangladesh many countries sought crisis fund from world lender peaked up with debt curve which has to pay by the people for long time.
Coronavirus pandemic simply accelerates the thinking change happened all over the world. One alone is not enough here. Atomic weapon never can ensure a better life. Artificial Intelligence, 3D printing like other modern technologies cause low demand of human labor for making a set up in manufacturing plants nearer to the end consumer level countries.
Now an approach arises to support climate change module for survival of life on earth through reducing carbon emission to the atmosphere. New technology also creates some high paid jobs in the end consumer market manufacturing countries. This approach may not hinder the industrialization. But think about China, where cheap manufacturing cost opportunity is available and majority people of the world depends on its manufactured products. This likes one man show.
Unfortunately, coronavirus started its deadly bite from industrialized Wuhan, one of the nine major cities of China. Gradually, the virus has attacked all the doors of world putting them under lock down, production almost halted, airlines grounded, vehicles movement under controlled with bearing deadly loss of the world economy and lives under threat.
In the globalized world, China with its lion share in the global economy is now under severe humanitarian and economic crisis. No one can say only China faces the crisis though the virus originated from there. This crisis is global.
Was any country prepared to face the crisis before it had given deadly bite? And also, no country declared that it had successfully combated Nobel Coronavirus. As to why question arises that the political leaders must rethink about globalization for betterment of our earth.
(Khandker Rahat Mahmud is Senior Principal Officer, Rupali Bank Ltd. Email: [email protected])
