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Economic globalization still alive and well

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Container ships in world trade.

Despite Brexit and rising pressure for protectionism across the West, ”anyone who thinks globalization is dead misreads what’s really happening,” writes Michael Schuman in Bloomberg News.

“While there are pockets of resistance, much of the world is still forging tighter links between countries, companies, and communities. Rather than retrenching, globalization is deepening and expanding—whether angry Trump supporters or British Leave voters like it or not.”

“As working classes {in the West}—suffering from stagnant incomes and joblessness—lash out at the free movement of money, goods, and people, their elected politicians face pressure to detach from an increasingly interconnected world. In doing so, though, they may cede to non-Western competitors the potential benefits these fresh linkages will create. The fate of nations may depend on whether they continue to embrace globalization.”

Read Mr. Schuman’s essay by hitting this link.