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

Diane Coyle
World Economic Forum, 2017
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Editorial Rating

7

Qualities

  • Analytical
  • Eye Opening
  • Well Structured

Recommendation

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.

Take-Aways

  • Starting in the 1980s, globalization and automation in Western societies have led to the disappearance of traditional jobs and left many small-town communities economically devastated.
  • The rise of populism in Western societies and the United Kingdom’s Brexit vote serve as a wake-up call for Western policy makers, who have so far mostly ignored the growing economic disparities that globalization caused.
  • Politicians’ failure to address the growing resentments among those unable to benefit from globalization will threaten the social contract underpinning the democratic order.

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.

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    A. A. 7 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?