1/5
Many events in recent years that have been described as "turning points" were not so much turning points, in my opinion, as accelerations of existing trends, and I suspect the sanctions on Russia are more of the same.
wsj.com/articles/russi… via @WSJ
Many events in recent years that have been described as "turning points" were not so much turning points, in my opinion, as accelerations of existing trends, and I suspect the sanctions on Russia are more of the same.
wsj.com/articles/russi… via @WSJ
2/5
As the world becomes increasingly dissatisfied with some of the consequences of mobile finance and over-extended value chains, particularly as geopolitical tensions rise, the trend towards a reversal of globalization will become deeper, I think, and harder to dislodge.
As the world becomes increasingly dissatisfied with some of the consequences of mobile finance and over-extended value chains, particularly as geopolitical tensions rise, the trend towards a reversal of globalization will become deeper, I think, and harder to dislodge.
3/5
The irony, as we have seen often enough in history, is that the rise in domestic and geopolitical tensions that is undermining globalization is itself a consequence of the kind of financial globalization that we embraced after the 1970s and 1980s.
The irony, as we have seen often enough in history, is that the rise in domestic and geopolitical tensions that is undermining globalization is itself a consequence of the kind of financial globalization that we embraced after the 1970s and 1980s.
4/5
In our globalized world, large flows of unfettered capital have distorted domestic financial and monetary systems, created persistent trade imbalances, imposed efficiency at the expense of stability, and encouraged and accommodated downward pressure on wages.
In our globalized world, large flows of unfettered capital have distorted domestic financial and monetary systems, created persistent trade imbalances, imposed efficiency at the expense of stability, and encouraged and accommodated downward pressure on wages.
5/5
That's why, I'd argue, it was only a question of time before we'd see rising geopolitical tensions and the surge in populism and nationalism that would eventually make globalization untenable. After all it's not as if we haven't seen this movie before.
That's why, I'd argue, it was only a question of time before we'd see rising geopolitical tensions and the surge in populism and nationalism that would eventually make globalization untenable. After all it's not as if we haven't seen this movie before.
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