The Crisis of Globalization and Its Policy Implications

Through a literature review, this paper analyzes that globalization is progressing despite the crisis of globalization that causes tension in the multilateral trade system and that it is bringing positive effects. It also analyzes that the challenges of globalization such as security, poverty and inequality reduction, and environmental sustainability require not slowing down or reversing globalization, but continuing globalization, which requires making the current global trade and economic system more open and strengthening cooperation between countries. Globalization must continue but be assisted by appropriate domestic policies in related areas. Additionally, the WTO must become an effective discussion, coordination, and resolution organization to respond to challenges that require multilateral solutions.