Word: globalization
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Dates: during 2000-2009
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Conventional wisdom says globalization is grinding to a halt. Supposedly, the recession means free trade is down, the worldwide gambit is over, and open markets lost: Protectionism is up, isolation is on the onset, interventionist states won, and we’re spiraling into a 1930s-style “save-yourself” vortex. In the past few weeks, two articles in the most popular globalization-advocacy journal—The Economist—have specifically bemoaned the coming tide of “global disintegration” and the specter of worldwide “economic nationalism...
...Since World War II—even during the supposed libertarian love-fest and free-market free-for-all of the 1980s—states have invested in their people as well as forsaken integration and cooperation when prudent. Market intervention has always been part of the globalization process. But, too often, the market is viewed as a multilateral institution and the state as a pesky force of isolationism. Despite this false perception, we should continue to see global cooperation and so-called “nationalistic” government action in tandem for the foreseeable future. They?...
...Although it’s true that many kinds of protectionism would at this point be detrimental, others might not be. Global trade is down substantially, and closing economies is not the answer for anyone, but some protectionist measures are necessary to sell international cooperation to people in developed countries (see the “Buy American” clause, which is no Smoot-Hawley tariff...
...State regulation, protection, and intervention do not necessarily mean economic isolation from the rest of the world. But, when faced with a choice, we should certainly favor regulation over protectionism. If strong global regulation doesn’t happen, then the most sensible thing for many countries will be to shelter themselves from the rest of the world...
...domestic product dropped 13% in the fourth quarter. The Russians are so short of cash, they are signing a lopsided 20-year deal for oil sales to China in exchange for a $25 billion loan. Iceland is bankrupt. The World Bank predicted on March 8 that in 2009 the global economy will shrink for the first time since the 1940s...