Martin Wolf on globalisation

Synopsis

Martin Wolf discusses the stagnation of globalization over the past several years, highlighting that trade relative to world GDP has stopped growing. He notes that the Doha round of multilateral trade negotiations has failed, and there is a growing hostility towards trade and capital flows, referred to as Sinha phobia. Wolf compares the economic outcomes of West Germany and East Germany, as well as South Korea and North Korea, to illustrate the benefits of open economies. He emphasizes that while globalization has plateaued, the interplay between global capital and state policies remains complex, particularly for smaller European nations. Wolf expresses concern over Brexit, arguing that cooperation among nations is essential for addressing issues like tax and financial regulation.