I. Introduction "Globalisation" has been defined as "a phenomenon whereby economic agents in one part of the world are now influenced by events occurring elsewhere as never before". Since the end of World War II, there has been a significant increase in economic growth and living standards as globalization has become a dominant force. However, globalization also has negative implications as it has contributed to large wealth inequality and created a volatile market environment. Skeptics argue that globalization has “past its peak” where national governments have turned to protectionism to reduce its negative effects. Proponents of globalization argue that market integration is ultimately irreversible and that attempts to block globalization have produced harmful effects not only for the global economy, but also for the national economy. This article will argue that globalization has not yet reached its peak. By examining the arguments put forward by both skeptics and supporters of globalization, this article will show that the recent global economic crisis has not reversed the phenomenon, but rather has contributed to the birth of a new globalization.II. The Rise of Protectionism The global economic crisis of 2007-2009 demonstrated the serious consequences of liberal globalization and ultimately called into question the architecture of the world economic order established to ward off such instability. The financial meltdown was the result of extreme moral hazard in which individuals took large risks in the market to pursue their own self-interest. This financial collapse has exposed numerous institutional and governance failures within the global structure in which deregulation n...... middle of paper ......nomist on April 15, 2011 by .Wolf 2004 4Eichengreen, B. (2002). Foreign Affairs “The wars of globalization”. 81(4). pp.157.Ostry, S. (2006). “The world trading system: in the fog of uncertainty”, magazine of international organizations. 1(2). pp.148Cooper and Bradford, A. & Bradford, C. (2010). “The G20 and the post-crisis economic order”. International Governance Innovation Conference. Retrieved March 16, 2011, from .pp. 8Erlanger, S. (2008) “Sarkozy Stresses Global Financial Overhaul” The New York Times, September 25, 2008. Retrieved April 15, 2011, from http://www.nytimes.com/2008/09/26/business/worldbusiness/ 26 france.html>.Oppenheimer 1Oppenheimer 7-8