The Magic of Diasporas

Citizens in troubled economies like the US and Europe are increasingly lashing out against immigration. Such blame is misplaced. Fears about depressed wages, stretched benefit programs and brain drain are exaggerated, suggests this article in the Economist, and governments must do a better job of educating voters about “the growing economic importance of diasporas, and the contribution they can make to a country’s economic growth.” Diasporas have long been an economic force – speeding the flow of information and trade, spreading innovations and boosting connections. The ease of global travel has added to their ranks, and migrants make up about 3 percent of the world’s population. In the US, they make up an eighth of America’s population, yet have founded a quarter of the country’s technology and engineering firms. Welcoming policies on immigration help spread the world’s best ideas – adding jobs and stability along the way. – YaleGlobal