Globalisation was good then, Not Now

Even as economists fret about sustaining global economic integration and politicians in the wealthiest nations make opposition to globalization a winning campaign theme, the phenomenon continues to connect the world. Such a dichotomy may not continue for long, warns economist Mark Thirlwell. Growing alarm in the developed nations stems from the emergence of powerful competitors in the developing world, especially China and India: Workers in wealthy nations worry about open markets and competition from workers in countries with low wages; industry leaders worry about more competition for non-renewable resources, including oil, and a new economic world order; and environmentalists and a growing segment of the public at large worry that emerging economies and rapid growth will quicken the pace of climate change. Thirlwell argues that governments trying to restrict the inevitable process of globalization will only increase competition and add to their list of challenges. Instead, governments should pursue a strategy of cooperation, continuing along a path that has long led to economic prosperity and security.

 

-YaleGlobal

 

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