Happier Abroad Forum Community

http://groups.csail.mit.edu/mac/users/r ... alization/

Article examining the idea that the real Globalization was in the 19th century with the telegraph and that international trade is still highly restricted by national regulations. Domestic policy is also vastly more important to national employment and GDP, but Globalization makes a good scapegoat phantom. I don't like Krugman, who's cited here, but the points are good. Krugman also admits to lying to get his way.

It was emphasized in the 1990's as the cure-all so we had NAFTA, the EU, and all the other trade blocs that lifted barriers to global trade. For awhile it was all a boon, then came the downturn and governments are starting to see globalization as impediments to reigniting their economies.

For example, the new American law FATCA is a backlash against globalization by making it burdensome for people to keep money outside US borders. This will likely increase as other capital controls come onto the scene.

The era of globalization will transition into the era of protectionism. It is all very cyclic.