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In The Great Demographic Reversal: Ageing Society, Waning Inequality, and an Inflation Revival, Manoj Pradhan, states that "globalisation is in retreat. It means you have to work twice as hard, to avoid becoming something like Japan." Presumably he's referring to productivity, but what exactly is the relationship between that and a globally interconnected economy versus a protectionist national one?
Productivity is enhanced by division of labor and specialization, which globalization fosters at the country level.
Example: the world gets cheap electronics from east Asia because that is an advantage they have. If those electronics were more expensive, fewer people could afford them and have access to the productivity gains from them.
I don't think there's any argument against globalization boosting global productivity. The arguments against globalization tend to be around the need for redundancy. If all of your computer chips are manufactured in one country, that makes the supply chain more fragile to disruption.
However that's like a global equivalent of an insurance policy. It protects against unforeseen events, but at a cost.
In The Great Demographic Reversal: Ageing Society, Waning Inequality, and an Inflation Revival,
Manoj Pradhan, states that "globalisation is in retreat.
This is where you insert a LINK
Quote:
(He says) "It means you have to work twice as hard, to avoid becoming something like Japan."
Presumably he's referring to productivity,...
Presumably? This is where YOU offer YOUR perspective to explain YOUR presumption.
Quote:
...but what exactly is the relationship between (productivity) ...
and a globally interconnected economy versus a protectionist national one?
Each country becoming more self sufficient and making most of their own stuff, should be good. They just need tariffs to protect from outsiders who are trying to tap into their market. But if globalization is in retreat, doesnt that mean international trade is too?
However, there is a "choosing" by various Corporations as they shift operations from country of origin to country where they will be doing business in the future. This confuses the picture.
Interesting article, in the Wall Street Journal on this topic. it notes, that Apple is choosing China over the US.
You can say that globalization with Apple is NOT in retreat since they are doubling down on China.
Really, it is a shift by Apple to moving from a US company to a Chinese company. They moved their production facilities years ago, soon they will be moving their engineering and design skills to China.
For Apple, the future is China not the US.
There are a significant number of US Corporations that agree with Apple.
That makes it look like Globalization is NOT in retreat. But really, it just means the Corporations are choosing sides, the side they believe will insure their future.
...........back on topic....
Productivity is based on production per unit costs. Countries with cheap labor, but advanced manufacturing technology will ALWAYS be more productive than countries with high labor costs.
If any US "companies" decide they want to be another country's company, well we can boot them and their members/shareholders completely, and absolutely, and just create brand new brands.
The shareholders, and members can go find a new nation state that will treat them as good as US has.
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