Word: integrationism
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As India, China, and other new markets join the world economy, "the integration of the four-fifths of the world where people are poor with the one-fifth of the world where people are rich has the potential to be one of the three most important economic events in the...
Attention, however, is required of local issues that emerge from that integration, he said.
"At Davos we tend to focus, and rightly so, on issues of global integration," Summers said. "But I would suggest to you that issues of local disintegration—whether that means Flint, Michigan, whether that means failed states, whether that means struggling middle classes caught in binds everywhereâ?...
But continued global integration is "by no means guaranteed" in light of political developments like the recent Latin American elections, he said.
"Win-Win? Tell It to the Losers," Floyd Norris at NYTimes.com [Subscription required] "Lawrence H. Summers, the president of Harvard University and a co-chairman of the World Economic Forum, asserts that globalization will not be derailed. 'The tide of history continues to move toward more market organization,' he told...