Economic Battle of Our Time: RealClearMarkets

President Donald Trump emphasized national interests, sovereignty and pride in his remarks before the UN General Assembly. Nations that avoid trade, though, could be at a disadvantage, explains Allan Golombek for RealClearMarkets. “Trade is the glue that largely holds together and fortifies the global economy,” he writes. “Unravel it, and the impact makes itself known – quickly.” With rising protectionism, business confidence is in decline and investors prepare for recession. He argues that globalization and trade deliver prosperity by distributing the best technologies and ideas. To ensure ongoing prosperity, such benefits should be distributed fairly though the essay does not address concerns about theft of intellectual property. People who resent globalization fear change and competition, Golombek concludes. He blames “prolonged reaction to the 2008 financial meltdown,” which began with the US subprime mortgage crisis, for the nationalist urges. He describes globalization as the economic and political battle of our time, and “Its resolution will decide between a bright future for those who sign up for it – and a place of fear for those who don’t.” – YaleGlobal

Economic Battle of Our Time: RealClearMarkets

The battle of globalization is between open and closed societies, vast reservoirs of resources versus regulations, appreciation versus fear of change
Allan Golombek
Thursday, October 3, 2019

Globalization Index from KOF Swiss Economic InstituteRead the article from RealClearMarkets about the polarization over globalization.

Allan Golombek is a senior director at the White House Writers Group. 

 

Read the White House transcript of US President Donald Trump’s remarks to the UN General Assembly, on September 25:  

“Wise leaders always put the good of their own people and their own country first.

“The future does not belong to globalists.  The future belongs to patriots.  The future belongs to sovereign and independent nations who protect their citizens, respect their neighbors, and honor the differences that make each country special and unique.”

 

Multi-faceted: The Globalization Index from KOF Swiss Economic Institute is based on multiple variables including trade and diversity of trade partners, trade regulations and agreements, FDI, debt and reserves, investment restrictions, tourism and migration, telephone traffic, airports and freedom to visit, international bandwidth, international patents, television access, internet access and press freedom, trade in cultural goods and services, MacDonald’s and IKEA stores, gender parity, civil liberties, embassies, UN peacekeeping missions, international NGOs, treaties and treaty partner diversity Source: Gygli, Savina, Florian Haelg, Niklas Potrafke and Jan-Egbert Sturm (2019): The KOF Globalisation Index – RevisitedReview of International Organizations.

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