Globalization
in sentence
2352 examples of Globalization in a sentence
Research in Europe has shown that losers from
globalization
within countries tend to favor more active social programs and labor-market interventions.
Compared to most European countries, the United States was a latecomer to
globalization.
Back in 2007, political scientist Ken Scheve and economist Matt Slaughter called for “a New Deal for globalization” in the US, one that would link “engagement with the world economy to a substantial redistribution of income.”
Trump’s presidency has revealed an alternative perspective: globalization, at least as currently construed, tilts the balance of political power toward those with the skills and assets to benefit from openness, undermining whatever organized influence the losers might have had in the first place.
Inchoate discontent about globalization, Trump has shown, can easily be channeled to serve an altogether different agenda, more in line with elites’ interests.
To bring the losers along, we will need to consider changing the rules of
globalization
itself.
In contrast to Trump, Chinese President Xi Jinping has come to the defense of globalization, and made new capital available for creating global pubic goods, enhancing connectivity, and creating jobs in developing countries.
Even in the aftermath of the financial crisis, the giddy pace of technological change is likely to continue to drive globalization, but the political effects will be different for the world of nation-states and the world of non-state actors.
Although the US does well on the traditional measures of power, those measures increasingly fail to capture much of what defines world politics, which, owing to the information revolution and globalization, is changing in a way that prevents Americans from achieving all their international goals by acting alone.
And, from the 1990s on,
globalization
– in particular, China’s integration into the world economy – has probably been the main reason for the decline in global inflationary pressure.
Experts and policymaking elites must avoid repeating in relation to climate change the mistakes that distorted their approach to
globalization.
Can late-comers to development take advantage of the increasing
globalization
of the service sector?
As a result of globalization, the pace of development can be explosive.
Service-led growth is sustainable, because
globalization
of services, which account for more than 70% of global output, is still in its infancy.
The process of
globalization
in the late twentieth century led to a sharp divergence of incomes between those who industrialized and broke into global markets and the “bottom billion” in some 60 countries where incomes stagnated for twenty years.
The
globalization
of services, however, provides alternative opportunities for developing countries to find niches, beyond manufacturing, where they can specialize, scale up, and achieve explosive growth, just like the industrializers.
As the services produced and traded across the world expand with globalization, the possibilities for all countries to develop based on their comparative advantage expand.
In the rich countries of the global north, the widening gap between rich and poor results from technological change, globalization, and the misdeeds of investment bankers.
But new trade policies must be based on a clear-eyed understanding of how
globalization
is evolving, not on a backward-looking vision based on the last 30 years.
Yet, even as
globalization
has narrowed inequality among countries, it has aggravated income inequality within them.
To be sure, this isn’t all, or even mostly, a result of
globalization.
Indeed, in the industries and regions hit hardest by import competition, years of simmering discontent have now boiled over, fueling support for populists promising to roll back
globalization.
But, as the advanced economies reformulate trade policy, it is critical that they understand that
globalization
was already undergoing a major structural transformation.
None of this is to say that
globalization
is in retreat.
This new form of digital
globalization
is more knowledge-intensive than capital- or labor-intensive.
Most of the advanced economies, including the US, have not adequately responded to the needs of the communities and individuals left behind by
globalization.
Effective responses will require policies that help people adapt to the present and take advantage of future opportunities in the next phase of digital
globalization.
In order to realize the full potential of the common market, the EU must adapt its economic governance to the challenges of
globalization
– research, technological development, and knowledge must be at the heart of the European economy, particularly given Europe’s efforts to be at the forefront of combating climate change.
Another option is to find a new savior – perhaps a country like China, which not only is America’s closest analogue, in terms of economic impact, but also has attracted substantial attention lately, owing to its president’s robust defense of
globalization.
For those in developing and emerging-market countries who harbor grievances against the advanced countries, there is now one more reason for discontent with a brand of
globalization
that has been managed to serve rich countries’ interests (especially their financial sectors’ interests).
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