Fed Chief Gives Seminar on History of Globalization

Governments must prepare their citizens for the increasing disruptions of new competition caused by the force of globalization. The world will face fewer disruptions if the “benefits of global economic integration are sufficiently shared,” urged Ben S. Bernanke, chairman of the US Federal Reserve at an annual retreat. Increasing numbers of the world population – particularly emerging economic powers of China, India and Eastern Europe – engage in global competition, thus upending longstanding global industrial and financial patterns. Rapid innovations around the world lead to new technology as well as resentment and backlash from people whose businesses or labor becomes obsolete. The US pattern of relying on debt for its heavy spending is unsustainable. Change could happen more suddenly than ever before with globalization clipping along at such a fast pace, and Bernanke urges citizens and nations alike to prepare for adapting quickly. – YaleGlobal