The horrible events of Sept. 11 and the destruction to the symbols of capitalism can be seen as a knock-out to a number of world economies. In fact, many of the economies had to seek quick but temporary therapy in order to stay afloat. The first week of October marked the launch of the war against terrorism which is not a war against Arabs or Muslims. The world community has agreed that the war is legitimate, is in self-defense and will establish justice, security and peace. Globalization requires that these elements prevail, expand and convince businesses to act and interact, move capital and conduct business without restrictions or limits. In fact, these latest developments have frustrated many and in addition, there are those who believe that the military campaign in Afghanistan will affect or even destroy globalization. Thus the world is divided despite the terrorist attacks and the military campaigns which hit only innocent people. Furthermore, the latest development has affected the confidence of the world community and the cornerstone of the Western world. International firms and businesses fear that globalization will cause recession, stock collapses and crises in the airline business. The economic events that took place after World Wars I and II created chaos, new ideologies, colonialism, communism and socialism which supported movements that were dedicated to obstructing free and open market policies.

The exact causes for the recent bloody events are unknown — whether they are logical reasons or based on ideological beliefs. In fact, pro-globalizationists fear that the situation is similar to that at the end of the 19th century when leaders refused to listen to the voice of justice and the necessity for coexistence. The financial markets are presently unsettled and beset with many fears which is worsened by a lack of trust between the major and minor players. Optimists say that the industrial powers are strong enough to survive the problems. Moreover, the attacks made superpowers and industrial nations join forces. It is rare to see the US, Europe, Russia, China and India at one table but they are now. In fact, it is the first time that the US has felt that it needed the support of the world community but it realizes it cannot fight terrorism alone. Therefore, we should not be pessimistic nor will there be any decrease in production or the overall performance of world economy; there will, however, be increases in transportation and insurance costs. And data transfer will be more restricted and more expensive. In the Arab and Muslim world, globalization is not very popular. They believe that the attacks will slow the advancement of globalization and things will continue as they were in the past. In fact a professor in London, has different views. "The fall of globalization is definite as is no different from which has risen and fallen during a given period in history."

The Financial Times (London) has its own interpretation of the future of globalization: "Globalization will not advance as planned because the world will experience recessions, terrorist attacks and wars all over the world." Most countries which are dedicated to their citizens’ welfare believe that the only way to more prosperity is through globalization. The Financial Times says that that will not happen unless there is a world conference. And that conference would have to concern itself with loosening regulations which stifle business and which would thus pump new life into the international economy.