old steel
25th July 2019, 12:23 PM
Globalisation is dead and we need to invent a new world orderA book excerpt and interview with Michael O'Sullivan, author of “The Levelling”
The Economist: What killed globalisation?
Michael O'Sullivan: At least two things have put paid to globalisation. First, global economic growth has slowed, and as a result, the growth has become more “financialised”: debt has increased and there has been more “monetary activism”—that is, central banks pumping money into the economy by buying assets, such as bonds and in some cases even equities—to sustain the international expansion. Second, the side effects, or rather the perceived side-effects, of globalisation are more apparent: wealth inequality, the dominance of multinationals and the dispersion of global supply chains, which have all become hot political issues.
https://www.economist.com/open-future/2019/06/28/globalisation-is-dead-and-we-need-to-invent-a-new-world-order?fsrc=scn%2Ftw%2Fte%2Fbl%2Fed%2Fauto
The Economist: What killed globalisation?
Michael O'Sullivan: At least two things have put paid to globalisation. First, global economic growth has slowed, and as a result, the growth has become more “financialised”: debt has increased and there has been more “monetary activism”—that is, central banks pumping money into the economy by buying assets, such as bonds and in some cases even equities—to sustain the international expansion. Second, the side effects, or rather the perceived side-effects, of globalisation are more apparent: wealth inequality, the dominance of multinationals and the dispersion of global supply chains, which have all become hot political issues.
https://www.economist.com/open-future/2019/06/28/globalisation-is-dead-and-we-need-to-invent-a-new-world-order?fsrc=scn%2Ftw%2Fte%2Fbl%2Fed%2Fauto