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The globalists at Davos are finally grappling with the populist movement

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26.05.2022

Attendees of the annual World Economic Forum this week/ in Davos, Switzerland, are reportedly in a somber mood. The past two years have upset their dreams of unfettered globalism as war, disease, inflation and famine reveal its risks and downsides. Their unease is long overdue.

The globalist faith rests on three false dogmas: The first — that unfettered trade with the world’s poorest nations will lift all boats in the developed world — is clearly the most fallacious. Rising economic inequality in the United States and other advanced economies is the result of increased returns for the highly educated and wage stagnation for unskilled workers. The rising forces of populism, both on the left and right, are a product of that falsehood coming home to roost.

Russia’s invasion of Ukraine and China’s suppression of freedom in Hong Kong have exposed the second poorly conceived dogma. That idea held that the aggressive instincts of nondemocratic nations would be curbed by economic interdependence with the democratic West. It’s now abundantly clear that ambitious autocrats are more than willing to impoverish their citizens in the pursuit of malign objectives. European leaders sincerely believed that when push........

© Washington Post


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