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Today’s so-called crisis of globalization is nothing more than a new variable of the old battle between protectionism and free trade. On the one hand, it is the tribalists while on the other it is the globalists. On one side there are the anti-Amazon, pro-retailers, losers of a global challenge, while on the other, there are the pro-Amazon, e-commerce winners. Nothing more, really. The opening of trade walls has accelerated industrial evolution in such a way that workers have had to learn to adapt to almost every generation. The difference, today, is that the evolution didn’t happen within a lifetime, but a few times within that lifetime. This is why the Indian farmer, who initially moved to the city to work in a call center, had to reinvent himself as an Uber driver and is now worried about driverless cars — all within one lifetime.
Technological innovations are what accelerate the rhythm of change. The medium is the message all over again. It is the transformation of technology that affects society, not whatever that technology delivers (news, electricity, TV series). And this is why in the United States and the United Kingdom and in some parts of Europe, so many 50-somethings, unemployed, disgruntled voters who found it hard to reinvent themselves ended up voting for someone who promised to bring back an impossible past — a greater America, a more British Britain, whatever that may mean.
Up until 20 to 30 years ago, you could reach your pension age before a new radical evolution in the job market, which created its winners and losers. Today, the challenge is that evolutionary shifts happen not just once before reaching pensionable age, but often. This is what causes globalization’s discontent. Blue-collar workers from the mid-West cannot move to Silicon Valley; it’s a totally different skill set, and only a few can manage it.
U.S. President Donald Trump’s and Brexit’s victories can be seen as a sort of “revenge of the losers”. The victims of the system described above decided to vote for someone who promised to protect them. Ludicrous. And, in fact, little has been done by Mr. Trump or British Prime Minister Theresa May to help those workers. And little is being done. Their standards of living have not improved. Or have certainly not returned to previous levels. Nor is there any policy in a motion indicating that the previous levels will return.
There won’t be any promised return to the past. Which doesn’t mean the economy will not thrive. It just won’t bring back the same old jobs to the unskilled. For example, the latest U.S. tax reform promises to lower corporate taxes, rehashing the ancient myth job, the “trickle-down” theory, will not impact the lower middle classes who voted for Mr. Trump. At the dangerous cost of increasing the deficit and widening the hole, Mr. Trump is lowering too high corporate taxes to bring them down to European levels.
It would seem to make sense even though the impact on total taxation will be marginal. Lowering tax on capital may increase wages for those skilled workers whose productivity will be positively affected by increased demand for capital intensive work, but while engineers might see an increase in their wages, the unskilled won’t benefit directly from it.
In other words, instead of fighting the ills of globalization, Mr. Trump has found a way to economically hit the coastal electorate who mocked and railed against him — the Hillary Clinton voters. By lowering the maximal for family deductions and real estate taxes, he has hit those middle to upper-middle classes in the east and west coasts who hate him. They are the ones who will not benefit from this reform. This is what he’ll obtain with this tax reform. Brilliant from his point of view because the reform dips into the pockets of people who never have and never will vote for him.
U.S. manufacturing is down to 11.7% of U.S. GDP (2016) while farming agriculture is only 1% (2015). America produces services such as Amazon, Google, and Facebook; these are the richest corporations. Their expansion is thriving globally. And so is the expansion of other multinational corporations.
Even though the discontent of globalization is a leftover of the crisis of 2008, today we don’t see that it will really impact globalization seriously. At least, so far, we don’t see the results of this desire to raise barriers. Globalization is here to stay.
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You have reached 0 of 0 points, (0) Why is it not possible for blue collar workers from the mid-West to move to Silicon Valley? the two jobs need two different skill sets the two jobs need two different skill sets Why did the majority of people in the United States and the United Kingdom and in some parts of Europe, belonging to a certain age group, vote for those who promised to bring back an impossible past? I. they wanted their working conditions to improve II. they could not keep up with the rapid technological advancement III. they were against the modernised content being spread among the people Only (II) Only (II) Which of the following is the major contributor to the GDP of the US? I. the service sector II. the manufacturing sector III. the agriculture sector Only (I) Only (I) According to the passage, what would be the impact of technological advancement on the economic progress of a country? it would not negatively affect the economic progress of the country it would not negatively affect the economic progress of the country What is the author’s opinion about the current crisis of globalisation? I. it is a new version of the old conflict between protectionist and supporters of free trade II. it is the product of the complex business models which have come up in the modern world III. it is a contradicting consequence of the policy of removing restrictions from trade Only (I) Only (I) What can be understood about the rising criticism of globalisation across the countries? they not understand the ultimate impact of such criticism they not understand the ultimate impact of such criticism According to the author, what is the major flaw in the cut in the corporate taxes proposed by Donald Trump? I. it will cost disproportionately to the exchequer II. it targets a certain group of people III. it will not be feasible to implement in the long-term Only (II) Only (II) Which of the following is closest in meaning to the word Discontent as used in the passage? Disquiet Disquiet Which of the following is farthest in meaning from the word Ludicrous as used in the passage? Sensible Sensible Which of the following is closest in meaning to the word Radical as used in the passage? Drastic DrasticQuiz-summary
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