They had understood that if a country is able to balance between its maintaining its sovereignty and business relations with international institutions, then it would be at par with the world. In this way, it will benefit from the advantages of globalization and the world would benefit from its growth and development. It makes the formation of the European Union of 28 nations. Populist forces play a major role in Britain’s exit from the European Union’s membership, in June 2016. They advocate strong anti-immigrant and nationalist sentiments.
Trump’s victory in the U.S is also a consequence of rising populism in the country. Populists believe that liberal ideologies threaten people about losing their own culture and identity and hence they are supporters of protectionist measures where strict regulations are imposed on trading activities and movement of resources across national boundaries (Labonté, 2017). Noted capitalist Adam Smith states that such strict measures lead to a series of humanitarian disasters in the long run (Steenbergen & Siczek, 2017). He has supported the fact that healthy globalization is based on the balance of trade and cannot be achieved by restraining or regulating commercial activities across borders. Such practices eventually create apprehension and tension in people increasing fear and insecurity. In addition, closed economies would create trade deficits, further deteriorating the quality of life.
Hard practices by developed/strong nations like banning entry of immigrants, racism, winding up of business operations in other countries, discontinuing healthy trade relations etc. would only accelerate the already rising tension in the Middle Eastern countries which would respond in a very negative. This would further deteriorate economic growth and progress; stimulate terrorist activities, and a highly volatile geopolitical atmosphere in the world. Hence, these populist sentiments cause the people to lose more resources, completely ignoring humanitarian concerns, loss of lives and property.