LIVING IN AN ERA OF GLOBALISED NATIONALISM

As global governance faces another existential crisis, we must learn from past mistakes and shun uniform prescriptions for all. Celebration of diversity could make us a closer-knit global family

- VINAY SAHASRABUDDHE

EARNING from the mistakes made during the era of the League of Nations, the global community came together at the end of the Second World War for yet another experiment-the United Nations.

However, the term "global governance" truly acquired more profound dimensions after a wave of economic reforms washed over the world.

Remarkably, the processes of economic and political liberalisation walked hand-in-hand.

It entailed an acceptance of the rules of a free-market economy, the evolution of and adherence to global benchmarking mechanisms, and recognising the inevitability of the institutionalisation of global governance without undermining the cultural sensibilities of every nation.

But though it promised a level playing field, globalisation didn't mean a one-size-fits-all approach.

Yet, to a great extent, at least some features of the LPG trio-liberalisation, globalisation and privatisation-have now become irreversible.

The free-market economy has, understandably, impacted the development economy too.

Meanwhile, the four Ts of travel, trade, technology and trends in lifestyles have changed to large degrees.

The remarkable ease of travel that globalisation has brought into other spheres is important, even if not always welcome.

At the same time, we need to appreciate the emergence and importance of agencies and organisations that are into setting global benchmarks of economic and social development on the basis of their own measuring rods.

They routinely undertake studies and surveys that are evolved later as globally-followed indexes and reports.

However, the yardsticks applied by most such agencies are based on Western needs and approaches.