Manufacturing jobs have been moving from advanced to emerging economies for decades, but only recently has the challenge posed by emerging economies fueled a broader political response. Elites who long ignored the problem are finally feeling the competitive pressure themselves, and have responded in the most cynical way possible.
CHICAGO – Toward the end of the last decade, globalization – the lowering of barriers to cross-border flows of goods, services, investment, and information – came under severe pressure. Populist politicians in many countries accused others of various economic wrongs, and pushed to rewrite trade agreements. Developing countries have argued for decades that the rules governing international trade are profoundly unfair. But why are similar complaints now emanating from the developed countries that established most of those rules?
CHICAGO – Toward the end of the last decade, globalization – the lowering of barriers to cross-border flows of goods, services, investment, and information – came under severe pressure. Populist politicians in many countries accused others of various economic wrongs, and pushed to rewrite trade agreements. Developing countries have argued for decades that the rules governing international trade are profoundly unfair. But why are similar complaints now emanating from the developed countries that established most of those rules?