News Snapshot:
This is understandable in the West, which has ceded ground and jobs to challengers, and seeks to claw back both. But what about the countries that have benefited from globalisation, like China, which has become the world’s factory, and India its back-office and research centre? Both countries now look more inward. The share of trade in GDP has declined, while in India there is also a swing towards state intervention, protectionism, and subsidies. This, amid calls for new policy paradigms. The economic debate, meanwhile, faults globalisation and “neo-liberalism” for current “discontents” about growing inequality and the lack of good jobs....
