Globalization today is at a dangerous crossroads. Although many alleged it has provided enormous benefits, but the systemic risks and growing inequality it causes necessitate urgent action. The myth of a borderless world is crashing down. Traditional pillars of open markets; the United Kingdom and United States are wobbling. This is evident in the Brexit vote which stunned European Union and the world at large, couple with the recent policies of the American government towards its fellow western allies and immigrants. Many people are beginning to feel so troubled about our economic future. The failure to arrest these global developments is likely to lead to growing nationalist policies, protectionism and xenophobia, which the world is already witnessing. Globalization has created growth, no doubt. But what kind of growth? And for who? This crisis posed by globalization has forced many to question the motive behind this phenomenon. Could this be renewed imperialism? This paper adopts rational and analytic methods in exposing this argument.