The Fractured Balance Sheet of Globalisation
Globalisation gets blamed for almost every modern headache: hollowed-out factory suburbs, flatlining wages, and angry politics. At the same time, mainstream economists often speak about open trade as an unqualified miracle that lifted millions out of poverty. The truth sits in the middle. Global trade creates immense wealth, but it comes with a catch: the perks are spread thin across millions of shoppers, while the costs slam into specific suburbs, factories, and working families. To understand the political backlash tearing through Western democracies, we need to look past the talking points and audit who actually won, who lost, and what it cost. The Economists' Promise Mainstream economists have championed open trade since David Ricardo introduced comparative advantage in 1817. The basic logic is simple: when countries specialise in what they make best, overall output surges and prices fall. Bigger markets allow businesses to scale, capital flows to where it works hardest,...