Diana choyleva at enodo economics writes “So, if we start from the premise that nationality matters to most people, something is definitely not working for large parts of the electorate in developed nations. Globalisation isn’t the whole story, but it’s an important part of it. Globalisation as we have experienced it has gone too far. ”
The majority of those who have escaped poverty are in developing countries, while many voters in rich nations feel left behind. Inequality within most countries has increased.
Sino-US confrontation is rewriting the rules of the global order ( and India will also be a collateral damage not beneficiary)
Any hope that the West and China might converge is over (Americans don’t need to carry this burden and it has major implications for east including India, for e’g our defense budget will just shoot up in next few years)
Even Beijing now recognizes hostile change in US attitudes to China ( they cant do a single thing about it)
Voters no longer turning a blind eye to globalization’s excesses (look at the election results in Brazil and US)
Global poverty and inequality have eased, but inequality within most countries has increased ( yes the inequality has never been higher in western world, thanks to globalization)
Lower-middle earning voters in the developed world feel left behind and they far outweigh the rich elites (and they are voting)
Deep integration between the world’s largest semi-command economy and the free markets of the developed world has not worked
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