日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

US EUROPE AFRICA ASIA 中文
Opinion / Op-Ed Contributors

Globalization and its disconnect

By Stephen S. Roach (China Daily) Updated: 2016-07-28 07:50

Globalization and its disconnect

A European Union flag is held in front of the Big Ben clock tower in Parliament Square during a 'March for Europe' demonstration against Britain's decision to leave the European Union, central London, Britain July 2, 2016.[Photo/Agencies]

While seemingly elegant in theory, globalization suffers in practice. That is the lesson of Brexit and of the rise of Donald Trump in the United States.

Truth be known, there is no rigorous theory of globalization. The best that economists can offer is David Ricardo's early 19th century framework: if a country simply produces in accordance with its comparative advantage (in terms of resource endowments and workers' skills), presto, it will gain through increased cross-border trade.

Trade liberalization-the elixir of globalization-promises benefits for all. That promise arguably holds in the long run, but a far tougher reality check invariably occurs in the short term. Brexit is just the latest case in point.

Voters in Britain objected to several of the key premises of European integration: free labor mobility and seemingly open-ended immigration, regulation by supranational European Union authorities, and currency union (which has serious flaws, such as the lack of a fiscal transfer mechanism among member states). Economic integration and globalization are not exactly the same thing, but they rest on the same Ricardian principles of trade liberalization-principles that are falling on deaf ears in the political arena.

In short, globalization has lost its political support-unsurprising in a world that bears little resemblance to Ricardo's two centuries ago-and therefore Ricardian principles seem irrelevant today. Paul Samuelson, who led the way in translating Ricardian foundations into modern economics, reached a similar conclusion late in his life, when he pointed out how a low-wage technology imitator like China could turn the theory of comparative advantage inside out.

But it is not just a problem with an antiquated theory. Recent trends in global trade are also flashing warning signs. According to the International Monetary Fund, annual growth in world trade volume has averaged just 3 percent over the 2009-16 period-half of that from 1980 to 2008. With world trade shifting to a decidedly lower trajectory, political resistance to globalization has only intensified.

Globalization has run into trouble even before. Globalization 1.0-the surge in global trade and international capital flows in the late 19th and early 20th centuries-met its demise between World War I and the Great Depression. Global trade fell by some 60 percent from 1929 to 1932, as major economies turned inward and embraced protectionist trade policies, such as the US' infamous Smoot-Hawley Tariff Act of 1930.

Previous Page 1 2 Next Page

Most Viewed Today's Top News
...
主站蜘蛛池模板: 久久精品这里是免费国产 | 久久首页 | 国产一国产一区秋霞在线观看 | 久久国产精品久久久久久久久久 | 国产在线aaa片一区二区99 | 97色伦色在线综合视频 | 午夜资源 | 久草在线电影网 | 欧美日韩国产一区二区三区不卡 | 李旭个人资料及简介 | 精品久久久久久久中文字幕 | 国产精品岛国久久久久久 | 国产精品精品视频一区二区三区 | 久热久操 | 久久久一区二区三区精品 | 挑战者联盟第一季免费观看完整版 | a毛片成人免费全部播放 | 国产欧美综合一区二区 | 日韩欧美在线播放 | 精品欧美乱码久久久久久1区2区 | 香蕉成人啪国产精品视频综合网 | 亚洲不卡在线 | 午夜理伦三级理论三级在线观看 | 国产精品无码2021在线观看 | 亚洲精品综合一区二区三 | 老头天天吃我奶躁我午夜视频 | 国产精品国产三级国产aⅴ入口 | 在线a视频 | 美国黄色网址 | 一级黄色片在线 | 天天影视插插 | 久久亚洲欧美日韩精品专区 | 国产大片免费天天看 | 又黄又爽的成人免费网站 | 亚洲一区二区欧美 | 色屁屁www影院免费观看软件 | 日本三级网址 | 九热| 国产国产精品人在线观看 | 中文字幕在线一区 | 麻豆污视频 |