Managers go to work in the Central area in the financial center in Hong Kong Vincent Isore/IP3/Getty Images

The Globalization Backlash Paradox

Today, the very countries that have spent 70 years building multilateral institutions and establishing global trade rules are busy undermining them. In this context, the absence of even a whiff of protest against financial integration demands explanation.

NEW DELHI – Most economists wax eloquent about the benefits of “real” global integration – that is, virtually uninhibited cross-border flows of goods, labor, and technology. They are less certain when it comes to global financial integration, especially short-term flows of so-called hot money. Yet today’s anti-globalization backlash is focused largely on real integration – and almost entirely spares its financial counterpart.

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