Walden Bello who coined the word in 2001 framed the issue as follows:
“The accelerated integration of capital, production and markets globally, a process driven by the logic of corporate profitability.”
"Deglobalization is not a synonym for withdrawing from the world economy. It means a process of restructuring the world economic and political system so that the latter builds the capacity of local and national economies instead of degrading it. Deglobalization means the transformation of a global economy from one integrated around the needs of transnational corporations to one integrated around the needs of peoples, nations, and communities."
The current global crisis demonstrates that another way has to be found. The discourse has begun. The term “Deglobalisation,” coined by Walden Bello proposes a different paradigm to that of Globalisation. He suggests that there are 11 key prongs of the “Deglobalisation” paradigm:
- Production for the domestic market must again become the center of gravity of the economy rather than production for export markets.
- The principle of subsidiarity should be enshrined in economic life by encouraging production of goods at the level of the community and at the national level if this can be done at reasonable cost in order to preserve community.
- Trade policy – that is, quotas and tariffs – should be used to protect the local economy from destruction by corporate-subsidized commodities with artificially low prices.
- Industrial policy – including subsidies, tariffs, and trade – should be used to revitalize and strengthen the manufacturing sector.
- Long-postponed measures of equitable income redistribution and land redistribution (including urban land reform) can create a vibrant internal market that would serve as the anchor of the economy and produce local financial resources for investment.
- De-emphasizing economic growth, emphasizing upgrading the quality of life, and maximizing equity will reduce environmental disequilibrium.
- The development and diffusion of environmentally congenial technology in both agriculture and industry should be encouraged.
- Strategic economic decisions cannot be left to the market or to technocrats. Instead, the scope of democratic decision-making in the economy should be expanded so that all vital questions – such as which industries to develop or phase out, what proportion of the government budget to devote to agriculture, etc. – become subject to democratic discussion and choice.
- Civil society must constantly monitor and supervise the private sector and the state, a process that should be institutionalised.
- The property complex should be transformed into a “mixed economy” that includes community cooperatives, private enterprises, and state enterprises, and excludes transnational corporations.
- Centralised global institutions like the IMF and the World Bank should be replaced with regional institutions built not on free trade and capital mobility but on principles of cooperation
Such a process could help us out of the morass of debt, that we find ourselves sinking in. It will help control the rabid rush to profit from the commissions attached to project loans, pushing us ever deeper into debt