Should-Read: Martin Sandbu: Globalisation Will Survive: “The emerging world has both a deep interest in keeping globalisation going and greater power to defend it than ever before…
…Erecting trade barriers between the US and Mexico is like building a wall in the middle of a factory floor. it would not make domestic industry more competitive. The same goes for the UK leaving the single market…. Anti-globalism cannot deliver: globalisation bears little of the blame for the west’s economic problems…. Just as agriculture feeds entire populations while employing only a tiny fraction of its workers, so manufacturing work will keep shrinking. The remaining jobs will be high-skilled, managing advanced machinery…. Blue-collar jobs… are not coming back…
On Globalization and Trade
Emerging Markets Want Globalization:
- Globalisation has boosted emerging economies.
- Trade helped lift more than 1bn people out of extreme poverty.
- The emerging world has:
- a deep interest in keeping globalisation going
- greater power to defend it
- will fiercely contest a return to protectionism.
International Trade Today:
- Driven by knowledge flows.
- Consists of cross-border supply chains.
- Richard Baldwin: “erecting trade barriers between the US and Mexico is like building a wall in the middle of a factory floor”.
- It would not make domestic industry more competitive.
- Cannot deliver
- The shrivelling need for manufacturing workers is the price of success at boosting manufacturing productivity.
- Anti-globalists who promise to bring back factories are selling snake oil