The historical champions of open markets – United States and United Kingdom – are now increasingly hotbeds for proponents of protectionism. Its Belt and Road initiatives are primarily aimed at securing reliable sources of raw materials and markets for its economy. The United States and the United Kingdom were once champions of globalization and open markets. Globalization and technological change will enhance the economies of scale that will result in more geographic concentration of wealth and talent. The title of one was “ Globalization at Warp Speed”; and the other one was “ The End of Globalization.” The future reality will probably be somewhere in the middle of these two titles.

Source: Philippine Star November 04, 2017 16:41 UTC