Harvard Political Review: Globalization as Growth Opportunity

Large numbers of voters in developed economies blame globalization for the loss of jobs and reduced wages. Yet automation is increasingly more responsible for job losses while globalization still provides benefits and many companies rely on global markets for growth. “In many cases, globalization has increased the choices of goods and services available to consumers while also lowering their average price,” writes Victor Agbafe for Harvard Political Review. He notes that such trends in turn have increased capital efficiency, productivity and innovation. He also points out that the United States is a global leader in producing technology that contributes to automation. The trend of automation will only gain momentum because many US businesses and consumers prefer the speed, convenience and low pricing associated with automation. Educators, governments and businesses must strive to anticipate which careers will be targeted for automation, and Agbafe urges retraining in skilled trades like plumbing or electrical work. – YaleGlobal