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Published: Sunday 21 July, 2013

shopping online fashion shopping online fashion ?The good and bad of globalization



We been having the wrong discussion about globalization. For years, we argued over whether this or that industry and its workers might suffer from imports and whether the social costs were worth the economic gains from foreign products, technologies and investments.



By and large, the answer has been But the harder questions, I think, lie elsewhere. economy actual performance poor, but not horrific and mass psychology almost horrific. June unemployment rate of 5.5 percent, though up from 4.4 percent in early 2007, barely exceeds the average since 1990 of 5.4 percent. Contrast that with consumer confidence, as measured by the ReutersUniversity of Michigan survey. It at the lowest point since 1952 with two exceptions April, May 1980. economic slowdown maybe already a recession stems mostly from familiar domestic causes, dominated by the burst housing The Bush administration rescue of Fannie Mae and Freddie Mac, the struggling governmentsponsored housing enterprises, is the latest reminder.



Still, global factors, notably high oil and food prices, have aggravated the slump. The line between what local and what global seems increasingly blurred; and there is a general anxiety that we are in the grip of mysterious worldwide forces.



The good that globalization has done is hard to dispute. Tradedriven economic growth and technology transfer have alleviated much human misery. If present economic trends continue a big the worldwide middle class will expand by an additional 2 billion by 2030, estimates a Goldman Sachs study. Goldman definition of middle class: people with incomes from $6,000 to $30,000. In the United States, imports and foreign competition have raised incomes by 10 percent since World War II, some studies suggest. Job losses, though real, are often exaggerated.



But a disorderly global economy could reverse these advances. By disorderly, I mean an economy plagued by financial crises, interruptions of crucial supplies oil, obviously, trade wars or violent business cycles.



This is globalization Achilles heel. Connections among countries have deepened and become more contradictory. Take oil producers. On one hand, high oil prices hurt advanced countries. But on the other, oil countries have an i shopping online fashion nterest in keeping advanced countries prosperous, because that where much surplus oil wealth is invested.



Vast global money flows threaten unintended side effects. Foreigners own more than $1 trillion of debt issued or guaranteed by Fannie Mae and Freddie Mac, reports economist Harm Bandholz of UniCredit. stocks and bonds. interest rates by 0.75 percentage points. financial markets, may have abetted the mortgage crisis by encouraging sloppy American credit practices. Too much money chased too few good investment opportunities.



The trouble is that this pattern shopping online fashion of growth could not continue indefinitely, because it required that Americans raise their debt burdens indefinitely. Now, China and other emerging markets may be moving beyond exportled growth. Its major countries shared democratic values and alliances. Today global economy has many power centers including China, Saudi Arabia and Russia, is also defined by finance and is exploring alternative currencies to the dollar. Major trading nations now lack common political values and alliances.



It is no more possible to undo globalization than it was possible, in the 19th century, to undo the Industrial Revolution. But our understanding of international markets, shaped by impersonal economic forces and explicit political decisions, is poor.



Countries try to maximize their own advantage rather than make the system work for everyone. Considering how much could go wrong, the record is so far remarkably favorable. Alas, that no guarantee for the future. shopping online fashion

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