The rejection of the EU by Britain was a clear indicator of failure in globalization. The rejection by Britain is disapproval on the economic model that is in place. In this case, globalization has failed because of a number of reasons. First, globalization has failed because Europe failed to fulfill its historic role. For instance, livings standards, jobs, and the welfare of states were well protected in the 1960s than they are in the era of globalization. Second, globalization has failed because of the high rate of unemployment in the eurozone. For instance, the economy of Italy is not any bigger than it was before the euro was introduced and in Greece, it is even worse because its economy has shrunk by a third. Finally, globalization has failed due to the backlash caused by populist parties and the lack of transparency. In this case, the citizens believe that globalization has only benefited the elite and they feel it is unfair to pay the price for failing bankers (“Globalization of the 99,” 2016).
Why Globalization did not Fail
Globalization did not fail because countries like Berlin benefited greatly. For instance, there is an increase in the life expectancy and when the fall of Berlin wall, two- fifth of the people lived in extreme poverty but after globalization, the number has reduced to one- eight (“Globalization of the 99,” 2016). In this case, it is evident that some countries benefited from a variety of goods and services, improved living standards of the people, improved health, and access to better-paying jobs. These factors contributed substantially to the advocacy of globalization. Further, globalization did not fail because, other than the rich countries like Britain, a country like Berlin has benefited from the global and regional integration, hence, giving globalization full support (Yay & Aksoy, 2016)
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References
www.weforum.org/agenda/2016/07/globalization-for-the-99-can-we-make-it-work-for-all/
Yay, G. G., & Aksoy, T. (2016). Globalization and the welfare of states. Quality & Quantity , 1-26.
