A multi-polar world became a uni-polar world with the fall of the Berlin Wall and Francis Fukuyama said it was the end of history.Millions also missed the fact that their political class would be filled to the brim with malevolence for them. And that, thus, no government would lift a finger to stop the export of tens of thousands of manufacturing jobs and the import of millions of hostile, parasitic primitives.Those were the days my friend, I thought they would never end, but they have.
During globalisation the balance of power shifted from West to East.
During globalisation China went from almost nothing to become a global superpower.
During globalisation the influence of the US and the West went into decline.
What went wrong?
The idea:
If we leave the wealth in private hands it will create more jobs and wages.
The problem:
The wealthy could get better returns on their capital in the faster growing Asian economies, and this is where the jobs and wages were created.
What did they miss?
The Government may not spend the money as efficiently as the private sector, but they do spend it in your country.[1]
Too, Batman11 defines the problem too narrowly. Leaving commerce and innovation to the private sector is indeed the correct policy. However, as I frequently point out in comment streams, free enterprise or capitalism or free markets were never intended to operate without an eye to the requirements of ordered liberty. Monopolies are properly regarded as a distortion and abuse of free enterprise. As are breach of contract, fraud, unfair competition and the like.
After our horrendous experience with globalism, we now know that to the list of such distortions of free enterprise we must add addle-brained worship of foreigners and chasing the last penny of wage advantage to the lasting harm of one's own people.
Notes
[1]
Comment by Batman11 on "Europe's Age Of Humiliation." By Slawomir Sierakowski, ZeroHedge, 12/19/19 (emphasis removed).
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