How to Make the Global Economy Work for Everyone
Bloomberg | Mon, Aug 6, 2018
by Lawrence H. Summers
A period of unprecedented prosperity is threatened by a sense that not everyone benefits from integration.
Since the end of World War II, a broad consensus in support of global economic integration as a force for peace and prosperity has been a pillar of the international order. Since the fall of the Berlin Wall a generation ago, the power of markets in promoting economic progress has been universally recognized. From global trade agreements to the European Union project; from the Bretton Woods institutions to the removal of pervasive capital controls; from expanded foreign direct investment to increased flows of peoples across borders, the direction has been clear. Driven by domestic economic progress, by integrative technologies such as container shipping and the internet, and by legislative changes within and between nations, the world has grown smaller and more closely connected.