Globalization’s High-Water Mark

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Even before the global financial crisis, I’d been pointing out the various possibilities for a globalization backlash. It seemed pretty likely that opposition to the enormous transfer of wealth from developed to developing countries would eventually be couched in regulatory concerns, whether social or environmental. The global downturn is likely to accelerate that process, and spread it to emerging-emerging commerce as well. As an illustration, India just relaxed a recent outright ban on Chinese toys, limiting it instead to products not covered by global certification agencies. That provides the necessary cover for now. But while all economists are voters, not […]

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