Brexit Won’t Stop Globalization

Fear and distrust over free trade, immigration and other facets of globalization spill from the world’s most advanced economies as the emerging economies pay no mind. “Isolationism is being heralded as independence,” writes Michael Schuman for Bloomberg. “While there are pockets of resistance, much of the world is still forging tighter links between countries, companies, and communities. Rather than retrenching, globalization is deepening and expanding.” Developing nations increasingly export to other developing nations, and modern globalization draws countries once left out like Bangladesh, Ethiopia and others. China, India and Russia are powerful foreign investors, and emerging economies form their own institutions like the Asian Infrastructure Investment Bank. Emerging economies are young, their citizens are on the move. Policymakers in the United States and Europe must tread carefully in dynamic global economy, taking steps to battle stagnant wages, unemployment, poverty and inequality. “The fate of nations may depend on whether they continue to embrace globalization,” Schuman notes. Protectionists can count on less to protect. – YaleGlobal