Posted on : June 13, 2017
Views : 1
Category : International Business
Stephen D. King (London School of Economics),says globalization, long considered the best route to economic prosperity and the apparent norm for decades, may not be as inevitable as we think. It now threatens to go abruptly into reverse. What went wrong? And what is the likely impact upon our future prosperity?
- A system of economic and political openness that has obtained since the end of the second world war and extended since the collapse of the Soviet Union is now under unprecedented threat. A severe shock to confidence in established political movements, resulting from the global financial crisis and exacerbated by economic inequality, has led to the rise of populism and a rejection of the liberal values underpinning globalisation and democracy. After years of moving towards openness and the rule of law, many countries in both the developing and advanced worlds have reversed course. Measures of liberty such as that maintained by the Freedom House watchdog organisation show many countries backsliding on civil liberties, democracy and a free press, prominent examples being Turkey, Hungary, Yemen and, of course, Syria.