Getting Globalization Right

Technological advances in all industries have spurred globalization, expanding wealth and connections. But distrust is intense as financial turbulence anticipated as globalization leads to “a new form of systemic risk – one that threatens to devastate political institutions and national economies,” writes Ian Goldin for Project Syndicate. “Greater openness and integration necessarily increase the potential for cascading crises and amplification of shocks.” The world must slow the pace of some globalization, he argues, pointing out how overconsumption in any one area – whether overuse of life-saving antibiotics by the meat industry, draining water supplies or release of carbon emissions by manufacturers – without checks and accountability pose different kinds of threats. Financial resources are increasingly directed toward war and security – rushing weapons to trouble spots – rather than infrastructure, education, health, scientific research and other uplifting endeavors. As government fails huge segments of the population, polarization emerges, and regions and communities try to break away. Regulations, oversight, cooperation, and new priorities are required to restore trust. – YaleGlobal