The first wave of globalisation from the 1870s, after the opening of Suez Canal and laying of a permanent transatlantic cable connecting Europe and North America, resulted in the US becoming the world’s economic superpower. It maintained that position even during the war and depression years (1914-45), when global trade collapsed and recovered gradually over the next three to four decades. The second wave, following the disintegration of the Soviet Bloc in 1989 and lasting till the 2010s, led to China’s emergence as the “world’s factory” and “mega-trader”. Sadly, the demographic dividend from a labour force “bulge” hasn’t materialised due to successive disruptions — Covid, wars in Ukraine and Iran, and US President Donald Trump’s unilateral tariffs. In short, while China rode the second wave of globalisation to realise the economic growth potential from its high working age-to-dependent population ratio, India has been relatively unlucky on that score.

Source: Indian Express April 11, 2026 06:52 UTC