The World Bank has warned that protectionism is slowing global growth and entrenching poverty. Economists and politicians have debated the effects of hyperglobalization, which, while reducing inequality between rich and poor countries, has been blamed for rising domestic inequality and the loss of manufacturing jobs in the West. Experts, including Arvind Subramanian, Dev Patel, and Justin Sandefur, caution that continued protectionist measures by leaders of both rich and developing countries could lead to a poorer and more unequal world. The shift towards neostatism and neomercantilism in the West raises concerns about renewed economic divergence. Hyperglobalization’s death ought to elicit mixed feelings.
“Hyperglobalization’s death ought to elicit mixed feelings; if not lamentation, then at least not cheerleading.” Read @arvindsubraman, Dev Patel, and @JustinSandefur on the consequences of the disintegration of the global economy: https://t.co/UeYp4knRmy
If the leaders of rich and developing countries continue to embrace protectionist measures, they will risk creating a poorer and more unequal world, warn @arvindsubraman, Dev Patel, and @JustinSandefur. https://t.co/9hQFwdxse0
This is why I worry about the shift toward neostatism/neomercantilism in the West. Globalization led to convergence, but with rising inequality in Western societies. Will the backlash against that inequality now lead to renewed divergence? https://t.co/oZn8xGx01j
“Economists and politicians alike have concluded that hyperglobalization was responsible for rising domestic inequality and the loss of manufacturing jobs in the West, often ignoring its role in reducing inequality between rich and poor countries.” https://t.co/4KNWWmd5X6
Fantastic and important piece, a requiem for the global economic convergence and poverty reduction that occurred under so-called "hyper globalization" - a unique but short period in human history whose future is very uncertain https://t.co/yHoXf5W8Gb
Protectionism is slowing growth and entrenching poverty, says World Bank https://t.co/J3D4oxrmz4