Welcome to Living Beyond Borders, the podcast from City Private Bank and GZera Media that examines

the risks and opportunities in our rapidly changing world, from global politics to economics

and what it all means for you. I'm Meredith Sumter,

head of research strategy at the Eurasia Group, and today we're taking a look at two worldviews

that, on the surface, appear to be totally at odds, globalism and nationalism.

In the late 80s, as the Cold War had finally thawed, walls were coming down all over the world.

Where the East German authorities have said, in essence, that the Berlin Wall doesn't mean anything anymore.

So as China becomes a member of the WTO, as China embraces the multilateral rules of international trade, I think everybody stands

to gain from China's membership.

The free market enables people to buy in the cheapest market around the world.

If they fail, they bear the cost.

If they succeed, they get the benefit.

Advocates of globalism promised free trade, open borders, and a boost for the middle class,

both in emerging economies and here in the U.S.

With a new economy powered by technology, nurtured by the ingenuity of the human mind,

enlarged by our newfound fiscal discipline at home and increasing trade among all nations.

The American dream is clearly within reach for more and more American families.

But as corporate profits soared, workers weren't seen as many benefits,

and it became harder for many families to make ends meet.

Their frustration grew. Fair trade, it's

not a perfect system and it's definitely not a magic wand that can fix all the world's problems.

Agriculture is upside down and now, of course, this week we have auto workers on strike. So

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