In this intriguing if opinionated overview, economist Stephen D. King argues that globalization is in jeopardy. From Ronald Reagan through George W. Bush, the dominant economic theory held that taxes and regulation were bad and that free markets and light regulation were good. This conventional wisdom seemed incontrovertible. Then, suddenly, conventional wisdom didn’t work anymore. The Brexit vote and Donald Trump’s improbable victory proved that globalization is no longer a political panacea. With middle-class voters struggling, free trade agreements and lenient immigration policies no longer appeal to the electorate. King makes a compelling case that none of this should be a surprise. If one constant has held throughout geopolitical history, it’s that economic might ebbs and flows – and that economic theory goes in and out of fashion, like jeans and hairstyles. getAbstract suggests this analysis to investors, policy makers, NGOs managers and anyone trying to make sense of the dizzying shift in global politics.
In this summary, you will learn
- Why globalization may not endure,
- Why world orders and economic orthodoxy change, and
- Why populists gained appeal.
About the Author
HSBC’s senior economic adviser Stephen D. King is the author of When the Money Runs Out: The End of Western Affluence and Losing Control: The Emerging Threats to Western Prosperity.