The Global Economy Is More Vulnerable Than It Seems
World leaders are so preoccupied with wars, power struggles, social tensions, and political polarization that they appear largely unwilling to invest in preserving global economic integration. History, economic theory, and current empirical trends indicate that this is a mistake.
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PARIS/VANCOUVER – Today’s economic outlook is strangely contradictory. While global markets, led by technology and energy, have been ebullient over high short-term profits, the mood at the Spring Meetings of the World Bank and the International Monetary Fund last month was decidedly somber. Two global institutions that normally speak in banalities issued strong warnings about the growing risks of economic fragmentation.