Meltdown Is Causing a Crisis of Confidence in Globalization

Doubts about global connections have emerged in every country, even those that have benefited most from globalization. Recessions, job loss and vanishing savings are not new, but this global crisis struck swiftly, sparing no nation. Many governments look inward, observes Ian Verrender, in the Sydney Morning Herald, and seek to contain their own benefits and restricting any pain from others. “It is precisely this sort of environment that creates hardships on a grand scale and huge social upheaval with potentially dire consequences for security and world peace,” writes Verrender. While a global recession reduced trade, it has yet to dent dent instant communication. Governments are vigilantly on the lookout for unfair maneuvering and will retaliate swiftly on any protectionist measure. Verrender concludes, “Now is the time for broad and imaginative thought and action, not for narrow-minded nationalism.” – YaleGlobal