Build Better Globalization: Harvard Business Review

People in advanced economies, worried by inequality and stagnant wages, are turning against globalization. But embracing nationalism, and blaming immigration and trade, may not help. Quick fixes could do more harm than good. Kimberly Clausing, author and economist, urges reviewing policies to support workers and communities and reform taxes to share the gains of economic growth. She also urges communities and businesses to recognize their mutual interdependence and increase cooperation: support an open economy and develop welcoming immigration policies; embrace fair regulations; support fair taxes and strengthen international tax rules; improve transparency on taxation, the many loopholes and company pay structures; and consider how increased company concentration reduces innovation, increasing mistrust among workers and customers. Clausing concludes, “If corporate America wants to avoid a turn to more harmful policies, such as protectionism and excessive regulation, they need to be partners that are capable of compromise.” – YaleGlobal