Snowden and Obama Slow Down Globalization

Policies and individuals can influence globalization’s pace. Writing for the Weekly Standard, Irwin Stelzer blames former US National Security Agency contract worker Edward Snowden – his release of National Security Agency documents revealing methods and targets – and President Barack Obama for slowing globalization by hampering free trade, capital flows and foreign investment. “Neither [man] had a slowing of globalization in mind when they pursued their policies of turning informer on American spying operations (Snowden) and tightening the domestic regulatory screws (Obama),” Stelzer writes. Steady release of NSA secrets has disrupted negotiations behind the Trans-Atlantic Trade and Investment Partnership, stirring protectionism and fears of industrial espionage. Stelzer points out the US “share of the worldwide stock of inward foreign investment has shriveled to 17 percent from more than twice that in 2000.” That pattern follows global trends as reported by the World Bank. Tentative policies on energy and climate change, failed attempts to compromise on regulation reform and general mistrust among political leaders contribute to uncertainty for foreign investors. – YaleGlobal