Why Populism? Globalism Isn’t Worth It

Here is a fascinating article about populism and globalism by Theodore Roosevelt Malloch at American Greatness:

The Bank for International Settlements (BIS), the international body based in Basel, Switzerland that represents the world’s central banks, claims in its latest annual report that globalization is a “scapegoat” for rising inequality, as it launches a defense of closer cross-border ties and integration.

You didn’t get a copy and read every word of it? Well, the news might have been tucked away on the back pages of your local newspaper. It certainly didn’t make it to the big screen in your living room.

Here’s the gist: the bankers are worried. Very worried.

Truth is, globalization is ebbing while economic and political populism is surging. Globalists no longer provide the accepted set of rules for the political and economic order. Transnational, multilateral, and supranational organizations and their networks, experts, and regulators are everywhere on the defense. Cosmopolitan and globalist values are not ascendant.

As a matter of fact, national sovereignty is back and growing stronger, week by week, month by month. We see it most clearly in President Trump’s principled realism, called “America First.”

Like the 19th century version of populism that rallied against the gold standard, today’s economic populism is similarly anti-establishment, anti-elitist, and opposed to all forms of globalization and globalist governance.

Economic history and economic theory both provide strong reasons to suggest that the advanced stages of globalization are proof statements for the populist backlash, in both its right- and left-wing variants, and everywhere from Brexit and the Trump election to current European politics and unrest throughout Latin America.

Whether along ethnocultural cleavages or along income-class lines, these forms of populism are a predictable and logical result. It should surprise no one, including globalists, that the pendulum has swung so far in this direction.

Read more: American Greatness

Image credit: www.amgreatness.com.