Which globalization has been called as 'recolonisation of the world' by economists?

Economic globalization

The correct answer is Option 2 - Economic globalization

Economic globalisation has created an intense division of opinion all over the world. Those who are concerned about social justice are worried about the extent of state withdrawal caused by processes of economic globalisation. They point out that it is likely to benefit only a small section of the population while impoverishing those who were dependent on the government for jobs and welfare (education, health, sanitation, etc.). They have emphasised the need to ensure institutional safeguards or creating ‘social safety nets’ to minimise the negative effects of globalisation on those who are economically weak. Many movements all over the world feel that safety nets are insufficient or unworkable. They have called for a halt to forced economic globalisation, for its results would lead to economic ruin for the weaker countries, especially for the poor within these countries. Some economists have described economic globalisation as recolonisation of the world.