Dominick Reuter/AFP/Getty Images

Long Reads

Globalization RIP?

Why is the goal of an open and increasingly integrated global economy coming under such fierce attack – and why now? If the ideal world of economists seems more distant than ever, blame the management of that process.

Beyond the rancor and taunts heard at last month’s Republican National Convention, something even more ominous could be heard: the last rites for globalization. To adoring hoots, Donald Trump, the party’s presidential nominee, denounced US participation in international trade deals, and the foreign policy he sketched would pull the plug on the entire US-led liberal international order within which globalization has flourished. Should Trump enter the White House, globalization would not undergo a retreat; it would suffer a rout.

Half a world away, G20 finance ministers met almost simultaneously in Chengdu, China, where they made revitalizing globalization a priority for 2016/2017. The fact that all of the major advanced and emerging economies fear for the future of global openness suggests the degree to which surging support for populist challengers has imperiled existing rules and structures.

For many Project Syndicate commentators, globalization seems trapped in a pincer movement: assailed from one direction by those who claim that it has created a reserve army of economic losers lorded over by a small cadre of winners, the infamous 1%; and besieged from the opposite direction by unscrupulous politicians who, feeding on economic resentment, attack it in the once discredited language of nationalism, of blood and soil, of herrenvolk.

To continue reading, please subscribe to On Point.

To access On Point, log in or register now now and read two On Point articles for free. For unlimited access to the unrivaled analysis of On Point, subscribe now.

required

Log in

http://prosyn.org/x97zXxG;
  1. Joe McCarthy, Roy Cohn, and Donald Trump Getty Images

    Red Scares, Then and Now

    • Russia’s interference in American and European elections constitutes a serious offense. 

    • But by treating Russian President Vladimir Putin and his cronies as an existential threat, Western leaders are playing directly into the Kremlin’s hands, and validating its false narrative about Russia’s place in the world.
  2. Trump visits China Thomas Peter-Pool/Getty Images

    China’s New World Order?

    • Now that Chinese President Xi Jinping has solidified his position as China’s most powerful leader since Mao Zedong, he will be able to pursue his vision of a China-led international order.

    • But if China wants to enjoy the benefits of regional or even global hegemony in the twenty-first century, it will have to prove itself ready to accept the responsibilities of leadership.
  3. Paul Manafort Alex Wong/Getty Images

    The Fall of the President’s Men

    • There can no longer be any doubt that Donald Trump is the ultimate target of Special Counsel Robert Mueller’s sweeping investigation of alleged Russian interference in the 2016 presidential election. 

    • But even if Mueller doesn’t catch Donald Trump in a crime, the president will leave much human and political wreckage behind.
  4. Painted portraits of Chinese President Xi Jinping and late communist leader Mao Zedong Greg Baker/Getty Images

    When China Leads

    For the last 40 years, China has implemented a national strategy that, despite its many twists and turns, has produced the economic and political juggernaut we see today. It would be reckless to assume, as many still do in the US, Europe, and elsewhere, that China’s transition to global preeminence will somehow simply implode, under the weight of the political and economic contradictions they believe to be inherent to the Chinese model.