ABSTRACT
Most economists and business leaders focus on the benefits of globalization. Global competition keeps domestic businesses on their toes, it forces them to innovate and improve product quality and industrial productivity. The extent of economic interdependence across national boundaries—globalization—did not decline in the early twentieth century because of mass protests or a bad press. The increasingly negative public reaction to the rapid and pervasive changes generated by globalization is beginning to overtake the positive aspects—at least in terms of perception. In the developed nations, the most effective adjustment policy to help those who lose their jobs due to globalization—or for other reasons, notably technological advance—is to achieve a growing economy that generates a goodly supply of new jobs. The phenomenon of highly orchestrated annual meetings of world leaders has degenerated into costly global photo opportunities at which presidents and prime ministers strut on the world stage—and accomplish little of substance.
