Don’t Write the Obit on Globalization

British voters decided to separate from the European Union, and many analysts afterward pronounced this to be indicative of globalization’s demise. “[G]lobal interdependence is far too advanced to be reversed without seriously harming the well-being of the entire nation,” writes Nayan Chanda, YaleGlobal's founding editor, in a column for the Times of India. “When Britain begins the divorce proceedings it will uncover the massive tangle of subsidies and tariff benefits that course through the economy, the severing of which would impose painful costs.” Voters in a major democracy may have been scammed. Soon after the outcome was announced, Brexit leaders withdrew promises of diverting EU membership fees toward health care and urged ongoing participation in Europe’s single market with new rules. Efficient governance minimizes disruptions by introducing reforms rather than abruptly ending programs with no plan in place. Globalization is far from dead, Chanda concludes, as revealed by the global response to Brexit and more repercussions to come. – YaleGlobal