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How Should We Think about the Winners and Losers from Globalization?

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How Should We Think about the Winners and Losers from Globalization?

Three Narratives and their Implications for the Redesign of International Economic Agreements

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Competing takes on globalization carry important implications for trade treaties.

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Globalization has its adherents but also its malcontents, and how to address the dissatisfactions of the latter group has become a disruptive issue. In this thought-provoking analysis for policy experts and business leaders, professor Nicolas Lamp synthesizes the current thinking about globalization into three perspectives. He concludes that the diverse views encompass fundamentally different value systems. While he offers policy designs consistent with each, he recommends an approach that would recast international agreements to most fairly distribute the gains from trade.

Summary

Three different approaches inform the debate on globalization.

Today’s politics and policies grapple with people’s anger and frustration over globalization’s diverse economic outcomes. While open trade benefits many, it leaves others out. Three differing mind-sets with important implications for future trade agreements inform the debate on this issue:

“The Trump narrative” views jobs as property.

 The first perspective holds that American labor is in a fight to take back the jobs lost to developing countries through treaties like the North American Free Trade Agreement, that ...

About the Author

Nicolas Lamp is an assistant professor at Queens University.

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