Munich Personal RePEc Archive

Globalization misguided views

OBREGON, CARLOS (2018): Globalization misguided views.

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Today, the world is in an evident disarray; many things seem to have gone wrong at once. Various topics: terrorism, drug trafficking, money laundering, black accounts; financial crises, income distribution, global coordination; or the social angriness and growing anti-migration —nationalistic-protectionist— sentiments and policies, show that something has changed for the worse. As we will see, all these events have a common deep cause that we must first understand, in order to be able to cope with its consequences. We are living a technological revolution that, in many ways, surpasses the so-called Industrial Revolutions, particularly because of the speed at which it is bringing change. We defend that institutions have not yet adapted to the new world that this technological revolution has brought about. Today’s inadequate institutional arrangements are sustained by old concepts or economic theories and ideas that no longer work as they did before. This mismatch between the new technological world and the old institutions explains most of today’s world economic problems.

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