Summary of Globalization has left people behind. This is what we should do about it.

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Brexit and the rapid rise of populism in Western societies are symptoms of a problem decades in the making: Globalization has left many people worse off. Diane Coyle, an economics professor at the University of Manchester, sees the current political crisis as a window of opportunity for policy change. Failure to address the economic discrepancies that globalization causes, she warns, can have disastrous political consequences. Her suggestions remain superficial, but – while always politically neutral – getAbstract recommends her timely wake-up call to policy makers and concerned citizens.

In this summary, you will learn

  • How policy makers failed to recognize that globalization has left many people worse off,
  • Why the socioeconomic consequences of globalization undermine Western democracies,
  • How policy makers can enable everybody to benefit from the new economic opportunities globalization and automation create.
 

About the Author

Diane Coyle is a professor of economics at the University of Manchester and founder of Enlightenment Economics, a consultancy specializing in economic issues related to new technologies, innovation and competition policy.

 

Summary

The process of globalization and automation has been changing the economic and social structure of Western societies since the 1980s. The disappearance of traditional jobs in small towns has left entire communities less prosperous and their residents increasingly resentful. Although enough data documented these changes, hardly anybody paid attention. The rise of populism and the 2016 Brexit vote in the United Kingdom served as wake-up calls for cosmopolitan big-city dwellers and policy makers, who now worry about the erosion of democracy in Western societies.


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    Ashish Agarwal 2 years ago
    Any public initiative that leaves a swath of people behind is a 'loosing' initiative to start with. Makes one wonder - who really did benefit from such Globalization - the 1% few, or the article makes an incorrect presumption?