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:
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
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