Instead of the State, Globalization Has Withered

Nations are keen to control globalization, welcoming the best ideas and talent and keeping away the problems, a task much easier said than done. Most nations appreciate a large choice in trendy products, hard-working and innovative immigrants, and a reputation for being cosmopolitan. The 2008 financial crisis enlarged rather than destroy government, fueled by fiscal stimulus spending, maintains Julie Novak in an opinion essay for the Canberra Times. “The consequence of this overspending was a dramatic increase in public-sector indebtedness, with some estimates indicating that debt owed by the globe's taxpayers to each other, in the name of their governments, stands at more than $50 trillion,” Novak writes. “Conventional understandings of the arm's-length relationship between fiscal and monetary policies, and the appropriate degree of monetary policy activism, have also been shaken to their core.” Long-term consequences could include skyrocketing costs for debt, stalled growth and protectionism. – YaleGlobal