Globalizations and its constraints

CHINA FINANCIAL - Report 27 Apr 2018 by Michael Pettis

Special points to highlight in this issue:
• The current round of trade disputes should not be seen as merely a minor Trump-created speedbump on the road to a single global economy. They are part of a longer-term trend in which we are likely to see increasing antipathy to globalization.
• While increased global integration has undoubted benefits, with a few notable exceptions economists have neglected to describe the associated costs. The most important of these costs may be the way in which global integration prevents policymakers from addressing income inequality or policies that boost wages or household income.
• In the past economists have publicly denied these costs while privately assuming that they are real but negligible in the long run. In fact these costs can be substantial.

Now read on...

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