The New Face of Globalization…

The hemming and hawing of the management of the European steel company Arcelor could be seen as either an astute strategy for forcing Lakshmi Mittal to increase his bid for the company or as an attempt by the anachronistic “Old Guard” of Europe to maintain nationalism in trade. Either way, writes author Evgeny Morozov, the takeover shows that globalization has taken hold in Europe: “The Mittal story illustrated how badly the EU needs a uniform set of rules for dealing with cross-border takeovers.” European countries wishing to do business in regions such as Asia and Latin America must allow foreign companies to do business in Europe. If the governments of Europe retreat into xenophobic trade practices, Morozov suggests, dynamic companies such as Mittal Steel will quickly take their places and profits. – YaleGlobal