Some of the intellectual energy that fueled the momentum of globalization has abated. Of course, the corporations are still 100% in favor of free movement of goods and capital (and certain people, including business executives and poor peasants who will work on farms in the wealthy nations). The corporations still provide much of the energy for maintaining relatively free movement of goods, capital and some people.
But consider the intellectual energy that drove the creation of the European Coal and Steel Community in 1951 or the Maastricht Treaty in 1992, or the General Agreement on Tariffs and Trade in 1994. At that time, Western elites seemed unified in their belief that open borders would benefit everyone.
Since that time, a host of concerns has arisen. Some are security related. Others are about the uneven effects of attempts at monetary union (broadly speaking, this includes not just Europe, but also nations like Argentina that attempted to peg their currency to another currency (such as the USA dollar)). Some are about currency manipulation (first Japan, then Taiwan, and then, much more sensationally, China). And the rise of wealth inequality in all the developed nations.
It's possible that globalization could be restructured in a way that brings benefits to everyone. But first there would have to be a long conversation about all the ways it is now failing.
But consider the intellectual energy that drove the creation of the European Coal and Steel Community in 1951 or the Maastricht Treaty in 1992, or the General Agreement on Tariffs and Trade in 1994. At that time, Western elites seemed unified in their belief that open borders would benefit everyone.
Since that time, a host of concerns has arisen. Some are security related. Others are about the uneven effects of attempts at monetary union (broadly speaking, this includes not just Europe, but also nations like Argentina that attempted to peg their currency to another currency (such as the USA dollar)). Some are about currency manipulation (first Japan, then Taiwan, and then, much more sensationally, China). And the rise of wealth inequality in all the developed nations.
It's possible that globalization could be restructured in a way that brings benefits to everyone. But first there would have to be a long conversation about all the ways it is now failing.