america and globalisation Flashcards
1
Q
what is globaloney?
A
The belief that America is overly globalized and enriching the rest of the world at its own expense is referred to as “globaloney” — a misconception that globalization is far more pervasive than it actually is. This exaggerated perception leads to misguided policies and rhetoric.
2
Q
what are the drivers of misconceptions in regard to America being more globalized than it actually is?
A
- Psychological Factors: People’s beliefs about globalization often reflect their fears or desires.
- Rhetoric and Media: Political narratives, including Donald Trump’s anti-globalization stance, amplify exaggerated fears of international competition and immigration.
- Technology’s Role: Advances in communication and transport have not eliminated barriers like cultural and economic differences, as some claim.
3
Q
what are the consequences of the misconception regarding the us being more globalized than it actually is?
A
- Policy Errors: Overestimating globalization leads to policies that harm domestic interests, such as cutting international trade or blaming imports for economic challenges. For example, income inequality in the U.S. is largely driven by domestic factors like technological change and declining union power, not globalization.
- Economic Risks: Cutting international trade flows could lead to slower growth and reduce resources available for addressing inequality and other challenges. Misplaced focus on global market concentration detracts from tackling domestic market monopolies.
- Geopolitical Risks: Misjudging globalization undermines strategic alliances. For example, Mexico’s proximity and economic ties make it vital to U.S. interests, a reality obscured by rhetoric.
- Historical Lessons: The Smoot-Hawley Tariff Act (1930) and subsequent retaliations caused global trade to collapse, exacerbating the Great Depression. Current parallels, such as rising inequality and international tensions, warn against repeating past mistakes.
