Thursday, 6 October 2016
Can globalization be rescued from itself? (Homi Kharas, John McArthur, Brookings)
Globalization—the integration among national economies of markets for goods, services, technology, capital flows, and, to some degree, labor—has played an enormous role in advancing global prosperity. Yet a backlash has emerged, manifested in the recent U.K. Brexit vote, strident “local first” demands, and calls to block trade agreements. The issues are not entirely new. In 1997 Dani Rodrik’s book famously asked Has Globalization Gone Too Far? Joseph Stiglitz published Globalization and Its Discontents in 2002. In between, the 1999 “Battle in Seattle” protests forced the World Trade Organization’s ministerial to shut down.
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