Capitalist Tools Needed for Future Globalism Ills

Fears about displacement caused by economic globalization have been at the forefront of the French presidential campaign, as Nicholas Sarkozy and Ségolène Royal head for the final election round in May. The sentiment expressed in candidate Nicolas Sarkozy’s call to end “speculative capitalism” finds resonance in many parts of the world, as governments attempt to interfere with global free trade to protect local jobs. Yale University economics professor Robert J. Shiller urges that Sarkozy and like-minded critics do more to propose tangible ways for coping with globalization rather than interfering with the capitalist reality. Such tools could include education to train workers for hard-to-outsource jobs, livelihood and home-equity insurance, and improvements in the information infrastructure. Rather than resist the tide of change, Shiller writes, “We ought to prepare for the possibility of massive turmoil in our economies in coming years.” – YaleGlobal