GLOBALISATION, a term familiar to many but having distinct meaning for everyone, pushed the nations to trade faster, deeper and cheaper. Overcoming traditional, political, economic and geographical boundaries, it has expanded itself and touched the peak point.

It changed people`s life and nations` economy. At its very beginning, its sole aim was to reduce the wealth inequalities, especially in the developed countries, such as the United States, but its outcome was totally opposite; the wealth inequalities actually increased.

The multinational companies have capitalised on globalisation by expanding rapidly outside their home markets owing to which benefits have not been shared equally. Its assumed advantages were misdirected. For example, world debt-toGDP ratio increased and reached the highest level for the first time after the Napoleonic Wars.

The global financial crisis too was the result of such mismanagement. Before the Covid outbreak, it was predicted by many that globalisation would lead to economic growth and it is the only way towards development. Perhaps the socio-economic world shook us with the pandemic. From smart phones to food, today`s globalised trading system has grown to rely on long and complex supply chains. But the pandemic has played havoc. It has posed major and newer challenges. It has shaken the foundations of labour-intensive industries, such as garments. About 43 million people only in Asia used to work in the clothing industry. During the pandemic, the industry has so far lost $2.5 trillion.

Similarly, it has shaken globalisation and further exposed the frailties of the global world order. The globalised world did not witness a collaborative strategy to confront the pandemic. There is no common response for Covid, which is a common enemy of the world community.

The world seems to be moving towards collaborations based onvalues.Thisis beginning to happen, albeit slowly.

On the other hand, internationally, the power that propelled the world to its highest level of globalisation ever, the US, is backing away from its role as the global policeman and trade champion, which is a clear evidence that globalisation is taking a nose dive.

It is a fact that globalisation never really helped anyone but a handful of large corporations and countries. Hence, it is the right time for the developing states to reboot the system, build local capacity and promote local production to create more resilient societies with localised economy because the post-Covid world is likely to be a far more fractious and regionalised one.

Muhammad SaifuHah Shikarpur