It is increasingly clear that free trade, in all its forms is good for everyone. Ever since David Ricardo introduced the concept of comparative advantage as the ultimate argument against the mercantilist policies that had dominated until then. Simply put, in cases where one party has an absolute advantage in the production of a particular good, both parties should produce what they are best at and then trade with each other.
The global trade Britain mastered greatly influenced our world today. Just think of the literary heroes everyone grew up with as a child. Not because they were compulsory in school but because they are culturally ubiquitous.
Throughout the last year and a half, the COVID-19 pandemic has revealed weaknesses in healthcare, education, digitalization, and data collection, just to name a few. The shortages of essential goods experienced by many countries during the pandemic has inspired some to turn inwards.
You have probably noticed that the world “globalization” evokes passions and even protests. “The rich become richer and the poor are poorer!” shout some of protesters. “Globalization causes the loss of national culture and identity,” is shouted by others. But is globalization really dangerous? Does it need to be slowed down or regulated?
Globalization is an integral part of everyday life. However, so called “hyper-globalization” challenges national interest in favour of deeper integration. Academics debate what values governments should prioritize and how they should interact with the international community. Countries can either sacrifice too much to find a place in the world economy or may focus wrongly on domestic public opinion alone.
In discussing the outcomes ascribed to globalization one should distinguish the symptoms from the causes. Globalization is to often blamed for the results of bad policies, especially those which hamper individuals’ adjustment to new pressures, and those which encourage them to take excessive risks.
We love our country — it’s the best country in the world — but the idea of an overseeing government that isn’t ours makes us feel like there’s something infringing on our Americanness. How does something like that happen, what are we scared of, and how can you reach across the divide if it starts happening in your country?
In a way, digitization is old hat. E-mails turned 45 on September 30, 2016. In 1997, 4.1m Germans were online; today the figure is 58m. Growing up in today’s world, it is impossible to imagine being without a smartphone. But not having a landline phone or not owning a car? No problem.
“Inequality” refers to very important aspects of social life. But the debate on equality is full of confusion because of its many meanings, methodological and empirical errors and very strong emotions which “inequality” evokes. Conceptual confusion includes the lack of precise distinction between the inequality of situation and the inequality of opportunity.
