Is Globalisation Good For You?

A changing economy

Countless people are upset at the way the economy has developed in recent years, as they are divorced from the wealth it is generating.

The response has been seen in the UK’s Brexit decision and with the election of Donald Trump in the United States.

An enormous protest vote was mobilised in each case and frustration, isolation and disappointment influenced the result by upending traditional parties and policies.

The new politics of populism in the United States, which is spreading throughout the UK and Europe is concerned with the primacy of the nation state to the diminution of others.

It is different than the tradition of internationalism and the desire to support emerging countries as they move from poverty to prosperity.

A new type of media is also evident behind such populist movements, which supports their message and drowns out those who differ or disagree.

Many people are left wondering about what is happening and what they can do to restore traditional habits of openness, trade and international relations.

But the scale of change means the old normal is gone and unlikely to return, which leaves a gap to be filled by careful thought and consideration.

A new economy

Consideration needs to be given to the types of jobs the globalised economy is creating, as they are increasingly disrupted by new and faster iterations of technology.

Thought must be given to the problems of the many rather than the few, as political parties adopt such and other slogans of strength and stability.

But the difficulty is that the centre ground of reason is rapidly shrinking and must be reconstructed as the point from which future solutions come.

Globalisation will not arrest, technology will not cease and so a new partnership between policy makers and business is needed to ensure change benefits rather than penalises people and their local communities.

The solutions must address how a splintered economy up-skills those left behind, how the massive wealth that is being created is better distributed, and how all members of society can benefit from the wonders of technology and globalisation.

Without answers the current shift towards a more divisive economy will continue and society will become even more divided between the haves and have-nots.

The effect of the current shift, if left unaddressed, will cause fractures in the economy as jobs and wealth and economic success are concentrated ever more narrowly.

The decisions made and actions taken in the next few years will determine whether or not we rebuild an economy that works for everyone.

So, globalisation is causing joy and mayhem in great measure but a more thoughtful and balanced economy is needed to increase the former and reduce the latter.