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June 30, 2006

The Dangers of "Cures" for Globalization from Pandering Politicians

Writing for YaleGlobal, Richard Hornik observes that the "cure" for globalization can be worse than the "malady", particularly when those cures come from pandering politicians at both ends of the spectrum:

From an economic standpoint, the dislocation that stems from the transition to a post-industrial, globalized economy, whatever that may turn out to be, will probably last another 10 years. But the discomfort and resulting public anger will likely increase, and that will only intensify the polarization of electorates in Europe and North America. If politicians at both ends of the political spectrum continue to win votes by pandering to the worst fears and basest instincts of a frightened electorate, it seems only a matter of time before the resulting governments indulge in the self-destructive grand gestures that could lead to a global trade war or a violent anti-immigrant backlash or both. As the world discovered 80 years ago, the dislocations wrought by globalization’s creative destruction are nothing compared to the economic chaos unleashed when efforts are made to halt the process.

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