America-China are setting new conditions!
The world’s politics and economy are now at a new turning point. America and China, two big superpower countries, are now deciding the direction and rules of global cooperation. Like before, this cooperation is not being based on equality between all countries, but on the conditions of these two powers.
During the Trump regime, America had clearly shown that now the talk of ‘free trade’ or ‘global cooperation’ is just for show. He increased tariffs, stopped economic aid to many countries and distanced himself from institutions like United Nations, WTO, NATO. This clearly meant that America would now maintain relations with the world as per its own wish and not according to any multilateral rules.
Is the dream of globalization broken?
After the 90s, when trade opened up in the world and the era of ‘globalization’ began, it was believed that all countries would benefit from it. But the opposite happened, some rich countries and their industrialists became even richer, while workers and common citizens of poor countries were left behind. The condition of education, health and employment kept worsening, but the profits of billions kept increasing for the rich.
story of three eras
There have been three periods of global cooperation since the Industrial Revolution. First, when European empires like Britain took raw materials from their colonies and imposed heavy taxes on them in return. Second, during the Cold War, when America and the Soviet Union created economic and military networks of their respective allies. And third, after the Cold War, when America became the sole global power and promoted free trade. But gradually this third phase is coming to an end and both America and China are busy protecting their interests.
Difficult decision for countries like India
Now both America and China are not asking any country to join their group, but both have their own conditions. America wants India not to buy oil from Russia and to remain silent on some issues like Israel or visa policies. At the same time, China wants India not to say much on the border dispute or its increasing influence in the Indian Ocean. It has become very difficult for countries like India to strike this balance. It will have to protect its interests and avoid pressure from both the superpowers.
What should India do?
History teaches that economic cooperation has always been under the control of one powerful country or the other. The same thing is happening even today, only the names and methods have changed. In such a situation, India should learn from its past experiences and make its own independent policy rather than being dependent on any one power.