Thursday, January 21, 2010

Video: Globalization is Good

A recent commenter sent me a link to this video. It’s a UK Channel Four documentary by the young Swedish writer Johan Norberg that explores the benefits of globalization. Taiwan, Vietnam, Kenya and Brussels are visited to explore the impact of globalization, and the consequences of its absence.

The documentary makes a strong case for the benefits of globalization, and by extension capitalism, and how both have enriched countries that formerly were very poor. It’s well worth watching.

1 comment:

  1. Russ,

    I would suggest that you (and anyone else reading this blog that are interested in a fact based perspective on globalization and capitalism) read Bad Samaritans by Ha-Joon Chang as a counter-point to this video and your comments.

    IMO, capitalism is indeed good. Our current situation where we have corporatism is fundamentally bad.

    Specific to globalization and free trade, an unbiased, equitable free-trade relationship can be truly beneficial to all stakeholders in the agreement. Unfortunately, there are few historical or current examples of this kind of situation. Off the top, the European Union represents one positive example and the Canada-US FTA another. IMO, NAFTA subverted the benefits of globalization and free trade because Mexico got the short end of the stick in that agreement while the Canada-US relationship stayed essentially on par.

    WRT Taiwan, they practiced very protectionist mercantilism until they were economically strong enough to compete with imported products. Once they reached this point, they partially opened their markets. It is my understanding that they still restrict a large range of imports and, as such, are still pursuing a less stringent form of mercantilism.