{"id":17257,"date":"2019-09-23T10:40:40","date_gmt":"2019-09-23T10:40:40","guid":{"rendered":"http:\/\/www.ceo-na.com\/?p=17257"},"modified":"2019-09-23T15:43:49","modified_gmt":"2019-09-23T15:43:49","slug":"the-future-of-globalization","status":"publish","type":"post","link":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/business\/management-leadership\/the-future-of-globalization\/","title":{"rendered":"Globalization: The future"},"content":{"rendered":"
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Populists on both left and right have criticized globalization, but it may still be the only way forward.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Globalization<\/a> finds itself under attack from both sides of the political divide. Can it survive?<\/p>\n

When Donald Trump began talking about his desire to level the playing field in trade between the US and its allies, he was accused by many of lacking a fundamental understanding of how today\u2019s globalized economy works.<\/p>\n

Blaming what he called \u201cunfair\u201d trade deals for the decline of US manufacturing<\/a> and falling living standards for the working class, Trump famously vowed to \u201cmake America great again,\u201d and targeted the US\u2019s leading trade partners, notably China and Mexico, for blame.<\/p>\n

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Trump wasn\u2019t the first critic of globalization, nor will he be the last. Indeed, for many, the Trump era has produced a much-needed reassessment of the pros and cons of what is the most important economic phenomenon of the past fifty years.<\/p>\n

As Nobel Prize-winning economist Joseph Stiglitz wrote in 2002, the era of globalization has produced its discontents. In fact, a critique of globalization has been at the heart of the economic debate, especially on the left, since the end of the Cold War. Yet today, amid a resurgence of both right- and left-wing populism in many parts of the world, globalization finds itself under attack from both sides of the political divide. The key questions are: why, and can it survive?<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>

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The second era of globalization<\/strong><\/h1>\n
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Often forgotten is that the current era of globalization is merely the second in history.<\/p>\n

The frst, which stretched from the mid-nineteenth century until the onset of the First World War, produced the most spectacular periods of growth and development that today\u2019s advanced countries, such as the US and Great Britain, have ever known. Yet World War I put paid to this era, leading to the rise of Marxist-Leninism in many countries, fascism in others, and the birth of social democracy in Western Europe and much of the former British Empire.<\/p>\n

As a result, between the 1920s and 1970s, most countries in the world\u2014developed and emerging alike\u2014practiced some form of protectionism, represented by high tariffs on imports and government support of domestic production and labor. Nevertheless, high public spending and prohibitive levels of regulation eventually weighed down even the most successful economies, leading to low growth, inflation, and high unemployment.<\/p>\n

Beginning in the 1980s, during the administrations of Ronald Reagan and British Prime Minister Margaret Thatcher, free markets came back into vogue, and a decade later, the idea of the \u201cThird Way,\u201d a liberal consensus on free markets with a limited, if important, role for government.<\/p>\n

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Yet the mixed results of this \u201cneo- liberal\u201d consensus would bring harsh criticism. In the 1990s, globalization became the bogeyman du jour for leftist activists who, while they could not deny that capitalism had won the ideological struggle of the Cold War, nevertheless pointed to the many shortcomings of the consensus.<\/p>\n

Such activists echoed opponents in developing countries, notably the Zapatista National Liberation Army in Mexico, whose famous armed uprising occurred the same day\u2014January 1, 1994\u2014the North American Free Trade Agreement (NAFTA) came into law. During this period, the political right would largely defend the free market, yet right-wing populists in the West\u2014led by Donald Trump\u2014have increasingly tapped into the idea that globalization has also hurt native-born workers of advanced countries by permitting the outsourcing of labor and destroying the manufacturing sector.<\/p>\n

On the campaign trail, Trump famously called NAFTA, which allowed for the free movement of goods between the US, Mexico, and Canada, the \u201cworst trade deal, maybe ever\u201d and vowed to renegotiate the agreement.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>