Greater integration of the world’s financial and political interests has improved our lives and will inevitably continue despite current discourse to the contrary.
Like it or not, we live in a globalized economy. How you define or measure globalization can vary, but it tends to just mean greater financial integration among countries, as well as more political cooperation, immigration, and trade of goods and services. In all these domains, globalization has been on the rise until recently.
Some economists, pundits and politicians are arguing that globalization has peaked and will now start to reverse. Niall Ferguson sees this period of globalization, thanks to the pandemic, fading away with a whimper. Harvard economist Dani Rodrick is announcing the end of neoliberalism.
But globalization isn’t a phase; it’s a force that can’t be stopped.
Continue reading the entire piece here at Bloomberg Opinion (paywall)
______________________
Allison Schrager is a senior fellow at the Manhattan Institute and a contributing editor of City Journal.
This piece originally appeared in Bloomberg Opinion