Why the Third Wave of Globalization May Be the Hardest

The Economist: “Bill Clinton once called globalisation ‘the economic equivalent of a force of nature, like wind or water’. It pushes countries to specialise and swap, making them richer, and the world smaller. In ‘The Great Convergence’, Richard Baldwin, a Geneva-based economist, adds an important detail: like wind and water, globalisation is powerful, but can be inconstant or even destructive. Unless beloved notions catch up with reality, politicians will be pushed to make grave mistakes.”

“Continuing the sports analogy, Mr Baldwin says that today’s trade is like the coach of a top team being allowed to offer his services to underdogs. The coach gets rich from the doubled market for his services, while the better team gets a sudden surprise from the newly skilled competition. Mr Baldwin says that discontent with globalisation stems in part from an ‘ill-defined sense that it is no longer a sport for national teams.'”

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