The New Economic Cycle
This op-edspeculates that the beginning of a new economic cycle is upon us. In the wake of the sub-prime mortgage fiasco and multiple other challenges, often brought through the paradoxically beneficial and destructive force of globalization, state regulatory power can be expected to increase. Already the EU is enhancing their mechanisms of regulatory oversight that will reach into other countries such as America and Japan.
What does all this mean? Does it mean the end of the Reagan-Thatcher-Friedman era of relative free trade and deregulation? The author thinks it does as he envisions this as the dawning of a new cycle of history (not too different from historical cycles as outlined by the op-ed I referred to earlier by Gary Hart).
The amazing thing about all of this is that globalization is so often scapegoated. Yes, there have been excesses, excesses that need to wrung out, but to empower states to begin a process that will likely lead to overregulation and statism seems to be taking us the wrong direction. It won't make us wealthier. Whether it provides more stability is an open question, though, history seems to show that any interim stability achieved will force even larger dislocations in the future.
What does all this mean? Does it mean the end of the Reagan-Thatcher-Friedman era of relative free trade and deregulation? The author thinks it does as he envisions this as the dawning of a new cycle of history (not too different from historical cycles as outlined by the op-ed I referred to earlier by Gary Hart).
The amazing thing about all of this is that globalization is so often scapegoated. Yes, there have been excesses, excesses that need to wrung out, but to empower states to begin a process that will likely lead to overregulation and statism seems to be taking us the wrong direction. It won't make us wealthier. Whether it provides more stability is an open question, though, history seems to show that any interim stability achieved will force even larger dislocations in the future.
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