Elites Fear Backlash Against Globalization

Written by Steve Byas

“The backlash against globalization is manifesting itself in increased nationalistic sentiment, against the outside world and in favor of increasing isolation.” This was the lament of Louis Kuijs, a former official with the International Monetary Fund (IMF), who now leads Asia Economics at Oxford Economics in Hong Kong.

IMF policymakers are plainly worried as they come together October 7-9 in Washington, D.C., for the annual meeting of the IMF and the World Bank. Founded in Bretton Woods, New Hampshire, in 1944, IMF’s stated purpose was the construction of an international payment system based on the American dollar, and the promotion of international trade.

Since World War II, globalization — the integration of all nations’ economies — has been a primary goal of these elites. But now, several factors have converged to threaten that objective, including the realization in a growing number of countries that globalization is actually disrupting national economies, and that national sovereignty is being lost as a result of so-called free trade deals.

Britain’s vote to leave the European Union (EU) this past summer was perhaps the most serious single blow suffered in decades in the push for a global government. The nomination of Donald Trump and his “America First” campaign was largely due to his opposition to trade deals that diminish American national sovereignty.

More at this link:

http://www.thenewamerican.com/economy/item/24214-elites-fear-backlash-against-globalization