The Death of the Globalization Consensus
There was a time when world leaders could comfort themselves with the thought that opposition to globalization consisted of violent anarchists, self-serving protectionists, trade unionists, and ignorant, if idealistic youth. But what makes news nowadays is the growing list of mainstream economists who are questioning globalization’s supposedly unmitigated virtues.
CAMBRIDGE – The world economy has seen globalization collapse once already. The gold standard era – with its free capital mobility and open trade – came to an abrupt end in 1914 and could not be resuscitated after World War I. Are we about to witness a similar global economic breakdown?