& We Are Live Over at the "Milken Review", with: Chickens Coming Home to Roost?: The Perils of Deglobalization

Remember the damage the idiot Tories did to Britain via BREXIT? Yeah, that. A coördinated deglobalization effort will do that to the world. And, whether the world a a whole falls into that trap or...

Remember the damage the idiot Tories did to Britain via BREXIT? Yeah, that. A coördinated deglobalization effort will do that to the world. And, whether the world a a whole falls into that trap or not, it looks as though Donald Trump is about to inflict a triple-strength BREXIT with concommitant damage on the United States of America…

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Some Highlights:

• “Nations are enthusiastically experimenting with new tools to weaponize interdependence, politicizing market decisions long driven by expectations of profit.”

• “A quick-and-dirty index of globalization stood at 60 percent in 2008, shrank to 52 percent at the height of the COVID-19 pandemic, and bounced back to 63 percent.”

• “Back before Russia’s invasion of Ukraine, the extraordinary profits from expanding trade still carried the day despite populist opposition.”

• “The ‘second unbundling’ driven by efficiency gains in communications and transportation enabled blue-collar workers far from corporate hubs to hitch a ride on the productivity train.”

• “Dani Rodrik’s critique of globalization warned that the erosion of the implicit social contract with labor would provoke a backlash of protectionism and nativism.”

• “Despite the net positive impact of China’s growth, manufacturing job losses were highly concentrated geographically, leading to persistent regional effects.”

• “Globalists like me continue to press our case, but with an increasing sense that we are taking on the role of Sisyphus pushing the anti-globalization boulder up the hill.”

• “Friend-shoring rather than self-sufficiency is likely to characterize the new global economy—deep interconnectedness but strategic fragmentation.”

• “After politicians promise to restore the good old days, they hand off regional development to bureaucrats who must fit local resources into transnational value chains.”

• “Reducing interdependence will cost heavily in terms of reduced innovation and competition, higher prices, and increased diplomatic friction.”

<https://www.milkenreview.org/articles/chickens-coming-home-to-roost>

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