Globalization and Regionalism: Disintegration or Integration?

Globalization in recent decades has increased international trade and has also deeply influenced the political economy of countries. Simultaneously, and as a counter-trend, new regionalism has experienced a rising trend over the last two decades in different parts of the world, leading to increase in trade among the member countries of a regional organization and to the smoother flow of financial and human resources within the region. Some consider this to further expand and entrench globalization. For others, however, the new trend has resulted in overall global economic decline, lower volumes of trade between the regions, and further loss for other regions and countries. From this vantage point, regionalism is considered a major obstacle standing in the way of globalization. This article argues that new regionalism, despite its fluctuations, not only does not constitute an obstacle to globalization, but also creates a road map for engaging in global processes. It also attempts to suggest a basic mechanism for guiding and accelerating the process of globalization, especially in times of crisis in global systems, when, more often than not, regional unions tend to become more protectionists.