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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.

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    The Metric God That Failed

    • Over the past few decades, formal institutions have increasingly been subjected to performance measurements that define success or failure according to narrow and arbitrary metrics. 

    • The outcome should have been predictable: institutions have done what they can to boost their performance metrics, often at the expense of performance itself.
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    Trump and the All-American Trade Debate

    • Donald Trump’s recently announced tariffs on imported steel and aluminum have raised fears that his administration will roll back the rules-based free-trade system that has facilitated global commerce since World War II. 

    • But a closer examination of the history of US trade policy shows that Trump’s protectionist gambits are neither new, nor likely to have a lasting effect.
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    The Asian Values Debate Returns

    • For the time being, concrete evidence of policy success in countries like China and India may well be the most effective way to buttress the case for applying non-Western perspectives to national development strategies. 

    • But, in the longer term, non-Western thinkers will need to translate their ideas into testable models and theories.
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    Saving Mothers and Newborns

    • Tens of thousands of mothers and newborns die from preventable causes related to pregnancy and childbirth every year, which is why maternal and perinatal mortality is still one of world’s most daunting public-health challenges. 

    • But recent research finds that a comprehensive systems-based approach provides reason for hope.