Evidence that globalization is reversing continues to pile up: trade and international capital flows are sluggish, and migration is increasingly being restricted. These trends emerged in the aftermath of the 2008 financial crisis, so they can’t be blamed on a new populist backlash against globalization. Rather, their source can be traced to national authorities’ failure to take the logic of globalization seriously.
In a year when the United Kingdom voted to “Brexit” from the European Union, and Republicans in the United States chose Donald Trump as their presidential candidate, anti-globalization populism does seem ubiquitous. But while it is tempting to see populism as a cause of global economic woes, the movement has, in fact, had only limited political successes so far......Globalization is beleaguered partly because of decisions made by governments under the auspices of an open international order. But, more important, it is suffering as a result of judicial and quasi-judicial decisions to impose large financial penalties on foreign corporations. ...........Market economies cannot operate when their established rules are haphazardly enforced, which is what happens when national and international regulators turn into advocates for local enterprises and enemies of foreign businesses. This is not the result of a populist revolt; but populists in power certainly won’t address it. .........To Read More....
My Take - This was forseen and forseeable.
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