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Money Talks from The Economist

Money talks: Is the anger over trade justified?

Money Talks from The Economist

The Economist

News, Business, Economy, Finance & Economics, Business News

4.41.2K Ratings

🗓️ 29 November 2016

⏱️ 18 minutes

🧾️ Download transcript

Summary

Soumaya Keynes speaks to leading economist Richard Baldwin about how to mitigate globalisation's destructive effects. Also on the show: South Africa’s debt rating is just one notch above junk. How might the country bounce back? And why golf is no longer cool in Japan. Simon Long hosts

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Transcript

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0:00.0

Attention at all passengers. You can now book your train tickets on Uber and get 10% back in Uber credits to spend on your next train journey.

0:11.0

So no excuses not to visit your in-laws this Christmas.

0:16.5

Trains now on Uber. T's and C's apply check the Uber app.

0:28.4

Hello I'm Simon Long, the finance editor, and you're listening to Money Talks. On this show, Samaya Keynes speaks to the leading economist Richard Baldwin about whether the anger over

0:33.8

globalization is justified. It looks like trade deals like the Trans-Pacific

0:38.1

Partnership are debt. What does that mean? Globalization is a problem.

0:44.0

I think we have to admit that.

0:45.5

The rage is rational.

0:47.0

It's the reaction, which is not rational.

0:49.0

It says as if the economy has a broken leg

0:52.0

and they're trying to treat it with antibiotics.

0:54.0

And also why Japan's businessmen are hanging up their golf clubs.

0:58.0

Participation in golf has dropped by over 40% since its highs in the 1990s.

1:07.7

But first, this week Jacob Zuma, South Africa's

1:10.8

president, has survived a revolt in his ruling party, the African National Congress.

1:15.0

Meanwhile, South Africa's economy is limping along.

1:19.0

Rating agencies are talking of downgrading the country's debt, already just one notch above junk.

1:25.0

But here's Pavin Gourne, the finance minister, speaking last month.

1:28.4

Growth and inclusivity of growth is the central issue facing South Africa. To get that going, we need investment.

1:36.3

To get investment going, we need confidence. To get confidence going, we need the right level of cohesion and collaboration and

1:45.0

stability. With me now is our Africa editor Jonathan Rosenthal.

1:49.0

Jonathan Mr Gordon there was talking about the right level of cohesion, collaboration and stability.

...

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