By Martin Wolf
Is the spread of prosperity in the interests of citizens of today’s high-income countries? Is globalisation of their economies in their interest?
These distinct questions are raised in my mind by two important columns from Lawrence Summers (“America needs to make a new case for trade” on April 27 and “A strategy to promote healthy globalisation” on May 4). In these, Mr Summers argues that the international economic policies of the US need to be coupled more closely to the interests of its workers. Many Europeans will concur.
This is not to argue that the interests of citizens of high-income countries are more important than those of others. On the contrary, the view that increases in incomes of the poor offset equivalent losses for the rich is morally compelling. But politics is national. Unless or until a global political community emerges, politics will respond only to perceptions of national interest.
The remainder of this column can be read here. Debate from our panel of economists appears below.
Read the debate - comments from, amongst others: Adrian Wood, Kevin H. O’Rourke and Robert Wolfe.
