The Globalization of Our Dissatisfaction by Joseph E. Stiglitz
Globalization, from which industrialized and developing countries alike should benefit, is abused almost everywhere today, as the political backlash in Europe and the USA in recent years has shown. The challenge is to minimize the risk of the backlash worsening, and that starts with understanding and avoiding the mistakes of the past.
NEW YORK – Fifteen years ago I published Globalization and Its Discontents, a book that tried to explain why there was so much dissatisfaction with globalization in developing countries. Quite simply, many believed that the system was “manipulated” against them and that global trade agreements were shown to be particularly unfair.
Now, discontent with globalization in the United States and other advanced economies has fueled a wave of populism, led by politicians who claim the system is unfair to their countries. In the US, President Donald Trump insists that America’s trade negotiators have been tricked by those from Mexico and China.
So how could something that should benefit everyone, in developed and developing countries alike, now be reviled almost everywhere? How can a trade deal be unfair to all parties?
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