Globalization
in sentence
2352 examples of Globalization in a sentence
But median incomes have stagnated, which, combined with the impact of technology and insufficient policy attention to the potential distributional effects of unfettered globalization, has gradually hollowed out the middle class around the world.
When
Globalization
Eats Its YoungPRINCETON – Evidence that
globalization
is reversing continues to pile up: trade and international capital flows are sluggish, and migration is increasingly being restricted.
These trends emerged in the aftermath of the 2008 financial crisis, so they can’t be blamed on a new populist backlash against
globalization.
Rather, their source can be traced to national authorities’ failure to take the logic of
globalization
seriously.
The West’s malaise is, no doubt, a result of the ongoing and unresolved economic-governance challenges created by
globalization.
Given European trade deals’ potential to help ensure a more progressive approach to
globalization
– critical to salvaging it – such efforts should be intensified.
Until recently,
globalization
was largely viewed as favoring the West.
But now – in the aftermath of the 2008 financial crisis and with the rise of China (now turning into this century’s leading power before our eyes) – it has become increasingly clear that
globalization
is a two-way street, with the West losing much of its power and wealth to the East.
Meanwhile, at home, the White Man’s World is threatened by immigration,
globalization
of labor markets, gender parity, and the legal and social emancipation of sexual minorities.
As the Nobel laureate economist Angus Deaton argues, “what is crazy is that some of the opponents of
globalization
forget that a billion people have come out of poverty largely because of globalization.”
But even if there had been no economic globalization, cultural and demographic change would have created some degree of populism.
But it is an overstatement to say that the 2016 election highlights an isolationist trend that will end the era of
globalization.
Instead, policy elites who support
globalization
and an open economy will have to be seen to be addressing economic inequality and adjustment assistance for those disrupted by change.
And a poll released last month by the Chicago Council on Foreign Relations found 65% of Americans agreeing that
globalization
is mostly good for the US, while 59% say that international trade is good for the country, with even stronger support among the young.
As Thomas L. Friedman and I write in our new book That Used To Be Us: How America Fell Behind in the World It Invented and How We Can Come Back, America’s future depends on meeting four major challenges: globalization, the revolution in information technology, America’s rapidly growing deficits and debt, and its pattern of energy usage.
The most pressing of these problems is the condition of the education system, which does not adequately prepare young Americans for the jobs available in an economy transformed by
globalization
and information technology.
For the past half-century, this has represented Europe’s revolutionary recipe for peace, and has served as something of a microcosm of
globalization.
Populist movements have targeted “experts” and “elites,” who are now asking themselves what they could have done differently to manage the forces of
globalization
and technological innovation.
These movements against globalization, which culminated in World War II, helped to destroy the contemporary international order.
Of course, today the threat posed by
globalization
extends precisely to these “new” jobs.
Contrary to popular perception,
globalization
has not made regional arrangements irrelevant; on the contrary, it largely relies on them.
Furthermore,
globalization
is in fact fragile – and increasingly so.
Because the latter groups are those that have benefited the least from globalization, they were the most likely to reject supranational institutions (in the case of Brexit) or establishment candidates (in the case of Trump).
While not all members of this group are multimillionaires, they do tend to have the education and skills needed to reap the benefits of economic
globalization.
Rather than congregating with like-minded people in silos, they must create platforms that connect people of more diverse backgrounds and circumstances – including those whose experiences with
globalization
are very different.
Those who voted for Brexit or Trump did not simply fail to understand the true benefits of globalization; they currently lack the skills or opportunities to secure a piece of the pie.
To make matters worse, this occurred at a time when systemically important emerging economies hit their “developmental breakout phase,” powered by trade and other aspects of
globalization.
In the US, how much of the increase in income inequality over the past three decades reflects technological change and
globalization
(both favoring those with higher levels of education and skills), and how much reflects privileged access to the policymaking process, is a complex and unsettled question.
But they are also increasingly fearful of technological change and globalization, and thus seek to limit their pace and scope.
They dented the worldwide image of India as an emerging economic giant, a success story of the era of
globalization
and an increasing magnet for investors and tourists.
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