The Presidential Candidates Get Globalization All Wrong

Globalization has become the scapegoat for inequality, poor jobs, reduced wages and other economic problems – real and perceived – during the US presidential election. “What’s lost in the obsession with globalization is the fact that the American economy is driven mainly by domestic factors,” writes Robert Samuelson in a column for the Washington Post, adding that about 75 percent of the US economy is domestic whereas other countries have higher trade dependence. The subprime crisis of 2007 that triggered global recession was a domestic challenge for the country. A strong US dollar and not trade agreements are a reason for trade deficits. US politicians should focus on encouraging corporate investment, business start-ups, productivity and reducing government debt. – YaleGlobal