Globalization and the Theory of New Regionalism: A Post Cold-War Theoretical Perspective on Regional Organizations

Abstract

The question that arises relating to globalization and regionalization that ‘whether the two processes are mutually compatible or contradictory to each other' the famous, "stepping-stone, stumbling-block” argument; has been put to rest by the new regionalist school of thought which looks at multifaceted relationship between globalization and regionalization. The new regionalism refers to a more comprehensive process of homogenization with regard to a number of dimensions such as culture, security, economic policies and political regimes. Though the theory has its own drawbacks, yet it aptly studies the changing times and nature of regional integration processes both the old ones like EU which got new thrusts with the creation of European Community in the 1990s and the new ones like Mercosur, Shanghai Cooperation Organization and many more which emerged after the Cold War. In nutshell, this paper will try to capture the changing theoretical underpinnings that describe the recent trends in regional integration processes after the end of the Cold War and in the wake of globalization of the late twentieth century.