Globalisation, once hailed as a unifying and progressive force promising prosperity, peace, and interconnectedness, now stands at a critical crossroads. Over the last three decades, the globalisation project has defined the political, economic, and social contours of international relations. However, the 21st century has revealed many of its structural shortcomings: deepening inequality, political disempowerment, and the destabilising effects of economic interdependence. Meanwhile, a new global order is emerging—marked by a shift toward multipolarity and the strategic rise of the BRICS alliance (Brazil, Russia, India, China, and South Africa). This essay explores globalisation through three analytical lenses—political, economic, and social—before examining how its perceived failure is making space for a more diversified, multipolar world.
1. The Political Dimension of Globalisation
Globalisation has often been described as the liberal international order in motion, driven by Western ideals of open markets, democratic governance, and institutional cooperation. The post-Cold War period saw the consolidation of global governance structures such as the United Nations, World Trade Organization (WTO), International Monetary Fund (IMF), and the World Bank. These institutions were envisioned as pillars of a rules-based order that would harmonise international relations.
Yet, politically, globalisation has delivered uneven results. Critics argue that it has diminished national sovereignty, especially for developing countries, which have found themselves compelled to comply with external norms and policies dictated by more powerful states or global financial institutions. Political decision-making often became tethered to international benchmarks—such as austerity measures or democratic reforms—imposed as prerequisites for aid or membership in global bodies.
Moreover, the ideological hegemony of Western liberalism has faced increasing pushback. The Global South, much of which sees the global governance architecture as a legacy of colonial imbalance, is challenging the legitimacy of a system where a few Western powers hold vetoes, set standards, and police international norms. This has led to growing disenchantment, with states seeking alternative power alliances that better reflect their interests and values. The failure to effectively prevent conflicts in the Middle East, Ukraine, and Africa has further discredited globalisation’s promise of a politically stable world.
2. The Economic Dimension of Globalisation
Economically, globalisation was envisioned as a rising tide that would lift all boats. It promised free trade, cross-border investment, and the movement of capital and technology as mechanisms for inclusive growth. To some extent, globalisation succeeded: global GDP soared, international trade expanded rapidly, and hundreds of millions were lifted out of poverty—particularly in East Asia.
However, the benefits have been unevenly distributed. Many industrialised nations experienced the hollowing out of their manufacturing sectors, leading to job losses, wage stagnation, and rising economic insecurity. This dislocation, seen most prominently in the U.S. and parts of Europe, has fueled the rise of populism and protectionism. Meanwhile, the global South, although participating in global supply chains, remained trapped in low-value-added production roles with minimal control over capital, patents, or infrastructure.
The 2008 global financial crisis revealed the fragility of hyper-connected markets, and the COVID-19 pandemic exposed the vulnerabilities of just-in-time global supply chains. Economic interdependence became a liability, not a strength, when trade routes froze and nations scrambled for medical supplies and vaccines. Inflation, debt crises, and rising food insecurity have intensified the perception that globalisation serves the interests of global capital far more than it does the average citizen.
Moreover, the dominance of the U.S. dollar and Western-controlled financial systems—such as SWIFT—has been weaponised via sanctions and financial exclusion, further alienating nations like Russia, Iran, and China. As a result, calls for de-dollarisation and alternative payment systems are growing louder.
3. The Social and Cultural Impacts
Socially and culturally, globalisation has been both a bridge and a wedge. On one hand, it has fostered cosmopolitan identities, cross-cultural exchange, and technological connectivity. Ideas, fashions, and media now transcend borders with unprecedented speed, enabling people to feel part of a broader human family.
However, this cultural convergence has not been universally welcomed. For many, globalisation is synonymous with cultural erosion and homogenisation. Local traditions, languages, and ways of life have come under threat from a Western-centric model of consumerism and individualism. Social fragmentation has worsened in many regions, as communities struggle to reconcile traditional values with global norms.
Migration—another hallmark of globalisation—has also led to social tensions in both host and origin countries. The uneven distribution of development opportunities and the commodification of labour have created diasporas marked by displacement and precarity. In many societies, this has stoked xenophobia, nationalism, and fear of the “other,” leading to hardline immigration policies and political backlash.
Furthermore, the information age—while a product of globalisation—has brought about new forms of inequality. The digital divide remains wide, and the spread of misinformation, surveillance, and digital colonisation by tech giants has added complexity to the social equation.
The Rise of a Multipolar World: BRICS and Beyond
In response to the perceived failures of globalisation, the world is witnessing the consolidation of a multipolar order. This shift is characterised by the redistribution of global influence away from a unipolar West (dominated by the United States and its allies) toward a more diffused set of regional powers.
At the forefront of this transition is the BRICS bloc. Since its formation, BRICS has positioned itself as an alternative voice to the Western-dominated institutions. The New Development Bank (NDB) and Contingent Reserve Arrangement (CRA) are examples of efforts to create financial mechanisms outside the IMF and World Bank.
BRICS members share a common interest in reforming global governance, promoting multipolarity, and enhancing South-South cooperation. Economically, they account for over 40% of the world’s population and more than a quarter of global GDP. Politically, they advocate for a more inclusive international system that reflects contemporary realities, not the post-World War II order.
Recent BRICS summits have discussed trade in local currencies, the development of a BRICS currency, and deeper geopolitical coordination. China’s Belt and Road Initiative, Russia’s energy diplomacy, and India’s growing tech and services sector exemplify how these powers are carving out global influence on their own terms.
This emerging multipolarity does not imply uniformity within BRICS, as its members have divergent strategic goals. However, it does represent a broader trend: the decentralisation of global power and the growing autonomy of nations previously considered peripheral to the international system.
Conclusion
Globalisation was sold as a vehicle for global prosperity, peace, and unity, but its outcomes have been deeply uneven. Politically, it diluted sovereignty and exposed the biases of global institutions. Economically, it produced wealth but failed to distribute it fairly. Socially, it created connectivity but also discontent, cultural erosion, and new divisions. Its crisis—compounded by pandemics, wars, and climate shocks—has accelerated the world’s pivot to a multipolar order.
The rise of BRICS and similar alliances signals a rebalancing of global power, offering alternative pathways to development and diplomacy. Whether this multipolar world will be more just, stable, or peaceful remains to be seen. But it is already clear that the unipolar, globalised era is waning, and in its place a more plural, contested, and potentially more representative global architecture is beginning to take shape.