Rising Trade, Abundance Should Benefit All

Global competition provides the benefit of low-priced goods for the poorest citizens of the world and also has provided jobs that have lifted millions of people from poverty. But globalization has also meant lost jobs, benefits or security for other people. The challenge for policymakers throughout the world is to ensure that globalization’s benefits are widely shared, according to Ben Bernanke, chairman of the US Federal Reserve. Government is more capable of ensuring fair delivery of benefits than business, which competes for profits while opposing government regulation or taxation, argues journalist David Crane. Nations like Russia, China and India are less isolated, with workers eager for global competition. Governments that promote a philosophy of minimal government, with every worker out for him or herself, may actually decrease their competitive edge. Strong government policies can protect the environment while boosting worker productivity and confidence, with training as well as funding of new opportunities. – YaleGlobal