Money Talks: How globalisation gave way
Money Talks from The Economist
The Economist
4.4 • 1.2K Ratings
🗓️ 19 January 2023
⏱️ 42 minutes
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Summary
America has changed the way it views the rest of the world. Rather than pushing for a more globalised economy with fewer trade barriers, the US is now seeking a more protected system of international trade. President Biden’s Inflation Reduction Act promises nearly $400bn to boost clean energy and reduce dependence on China for things like batteries for electric cars. The Chips Act, meanwhile, provides incentives worth $52bn to boost America’s semiconductor industry.
On this week’s podcast, hosts Mike Bird and Alice Fulwood examine what this new zero-sum era means for the global economy. Chad Bown from the Peterson Institute for International Economics tells them the age of globalisation isn’t returning any time soon. Henry Gao from Singapore Management University blames America’s attempt to “out-China China by becoming more like China”.
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Transcript
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| 0:00.0 | Money talks from the economist is sponsored by Invest Puerto Rico. |
| 0:06.0 | More than just a Caribbean paradise, Puerto Rico is a business powerhouse. |
| 0:11.0 | This U.S. territory is a fast-growing hub for innovators. |
| 0:15.0 | Puerto Rico boasts numerous tax credits, business incentives, |
| 0:19.0 | and world-class talent that take your business to the next level. |
| 0:23.0 | Find out why at InvestPR.org. |
| 0:26.0 | Gamechangers, welcome home. |
| 0:31.0 | The way America thinks about globalization has changed a lot in the last 15 years. |
| 0:39.0 | Not only is it impossible to turn back the tide of globalization, |
| 0:44.0 | but efforts to do so can actually make us worse off. |
| 0:48.0 | After decades of pro-trade policies, |
| 0:51.0 | a promise to put America first helped Donald Trump win the 2016 election. |
| 0:56.0 | Our politicians have aggressively pursued a policy of globalization, |
| 1:01.0 | moving our jobs, our wealth, and our factories to Mexico and overseas. |
| 1:07.0 | Globalization has made the financial elite who donate to politicians very, very wealthy. |
| 1:16.0 | President Joe Biden has maintained some of this more skeptical approach |
| 1:20.0 | to openness in international commerce. |
| 1:23.0 | He's advocated for a different approach to trade from the system |
| 1:27.0 | America built over the second half of the 20th century. |
| 1:31.0 | We will pursue new rules of global trade and economic growth, |
| 1:35.0 | to strive to level the plane field, |
| 1:37.0 | so that it's not artificially tipped in favor of any one country |
... |
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