Globalization and Regionalization: At a Glance on Debate in Pursuit of Guiding Principles Leading Policy Implications

Abstract

The debate of Globalization and Regionalization is becoming extensive and significant and in response to these observations, various standpoints, in favor or against, are also emerging and have fueled the debate. Huge complexities are emerging to comprehend what is intended by both. The proponents of both are presenting contrasting, conflicting and debatable explanations and interpretations; however, a clear demarcation between these is still blurry. Due to broadness of both concepts, in this study, instead of making another attempt to provide the summary of different forms, definitions, contradictory or conflicting debate about globalization and regionalization, attention is given on those aspects which are contested by the proponents of regionalization. After rigorous examination and comparisons of various viewpoints of proponents of both, few guidelines are proposed for policy makers to develop some policies to ease the challenge currently micro and macro players are facing about decision making about these two. The policy makers should understand that survival of countries resides in internally connected dynamic and pluralistic business blocs in which the member states not only trade freely but fairly and fearlessly.