McKinsey & Company recently published an interview with global economist, Dambisa Moyo, on the state of globalization. Globalization was supposed to be this great thing that leveled the playing field for developed and emerging economies, but we have seen failures in the pursuit of globalization that have led to an entrenched class of winners and losers.
Dr. Moyo argues that in order to effectively pursue globalization, nations will have to make a decision around whether they are willing to cede some power to global institutions that would oversee implementation of the four pillars. In addition to that, we need to be thinking about how we can further reform and develop democracy in order to mitigate the short-term thinking that our democratic election cycles tend to drive.
The conversation on international organizations overseeing national governments is a non-starter for a significant group of people. You can look at the backlash against “globalists” in the 2016 US election as an example of this. As economic and political tensions increase over the coming years, this is definitely a debate to watch.