Is Globalization Over? | What's Next For The U.S. Economy

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  • 게시일 2024. 03. 27.
  • Top economists including Joseph Stiglitz, Paul Krugman and Mark Zandi offer predictions on the future of globalization. Jim O'Neill does not expect companies to stop selling to Chinese consumers, even if western politicians say there will be consequences for the Covid-19 outbreak. Esther Duflo suggests coronavirus could be a bright spot for emerging economies to be able to compete with China. Jeffrey Sachs thinks a remote workforce could will help bring the brightest minds to more jobs.
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    Is Globalization Over? | What's Next For The U.S. Economy

댓글 • 1.1K

  • @CNBC
    @CNBC  3 년 전 +36

    What do you think about the future of globalization and trade? Do you agree or disagree with the experts in the video? Is there someone else you’d like us to interview for What’s Next? Subscribe to CNBC and let us know what you think in the comments below.

    • @gnomechump-stiny7128
      @gnomechump-stiny7128 3 년 전

      Soooo?????there is a balance?

    • @thethree60five
      @thethree60five 3 년 전 +2

      Robert Reich is correct and includes historic evidence.
      The American economy will wither to within it's own boarders. Good.

    • @SimonCU
      @SimonCU 3 년 전 +2

      Please interview Elon Musk about his recent investment in China.

    • @thethree60five
      @thethree60five 3 년 전 +3

      @@SimonCU E-Lawn. He loves Corporate Socialism. What a fraud that guy is.
      He will move is factories like Giga 3 in China and call him a supporter of America, while taking 4.7 billion in subsides to do it.
      He is an advanced human alright, he can talk out of 3 sides of his mouth.

    • @AlexP-yb7gh
      @AlexP-yb7gh 3 년 전 +1

      please interview chamath palihapitiya, (chamath palihapitiya), cool thanks

  • @dvdragon
    @dvdragon 3 년 전 +895

    American Worker: Globalization over. Job come back?
    American Corporation: Robot worker go burrrrrrrrr.

    • @TimeManInJail
      @TimeManInJail 3 년 전 +63

      beep bop beep beep beep

    • @TheBooban
      @TheBooban 3 년 전 +46

      Even more reason to keep factories here. Polishing robots is also a job at least.

    • @dvdragon
      @dvdragon 3 년 전 +76

      @@TheBooban "Polishing those robots" will take a 4-year degree and or specialized training. The companies will not be looking for your common worker to do those jobs. There will not be that many of those jobs.

    • @thoughtsofapeer
      @thoughtsofapeer 3 년 전 +75

      I will make a robot polishing robot

    • @davidroberts1689
      @davidroberts1689 3 년 전 +40

      @@thoughtsofapeer I will make a robot polishing robot polishing robot that plays the stock market and gets all the wealth. I'll own everything and nothing.

  • @economicsinaction
    @economicsinaction 3 년 전 +89

    It's just a battle between which interviewee has more books in the background

    • @iaretehleet
      @iaretehleet 3 년 전 +2

      more book more smart!

    • @montyi8
      @montyi8 3 년 전

      These boomers can't use an ipad/tablet?

  • @EyesOfByes
    @EyesOfByes 3 년 전 +143

    Probably not since I'm writing this, in Sweden, on a US designed phone, made in China. Gotta have hope for the future

    • @KA-yw7hr
      @KA-yw7hr 3 년 전 +16

      EyesOfByes deglobalization doesnt mean everything is gonna be local, however something like a wooden desk, made in china from wood chopped in russia then exported to north america is not really efficient. You can easily have your own domestic desk factory without the need for all the extra inefficient work.

    • @voidvector
      @voidvector 3 년 전 +28

      @@KA-yw7hr That does not work at all if your country
      * has no wood (e.g. all the desert countries)
      * get yelled at by environmentalist for chopping down wood (i.e. Germany, Brazil)
      * has no local woodworking industry (e.g. desert countries)

    • @KA-yw7hr
      @KA-yw7hr 3 년 전 +8

      Leon Yu this is exactly why i specified north america and wood as an example. Plenty of wood there. Why does a canadian need to purchase a wooden desk that has moved across the world multiple times if he is surrounded by forests?

    • @justinvs5642
      @justinvs5642 3 년 전 +10

      soon it will be madr in a Vietnamnese factory owned by a chinese businrss man. unless you can stop global.travelling (including goods)you can not stop globalization

    • @EyesOfByes
      @EyesOfByes 3 년 전 +1

      K A I got wood.

  • @Jdalio5
    @Jdalio5 3 년 전 +32

    So we printed money and traded it for real produces...im surprised it went on this long!

  • @gilboman
    @gilboman 3 년 전 +96

    I don't see less globalization, it may shift to different countries and maybe more diverse, but no way developed countries will bring industry back, the costs and consumers won't accept it. We are used to the high standard of living we enjoy due to globalization

    • @tiberianexcalibur
      @tiberianexcalibur 3 년 전 +12

      We always want more for less

    • @arnowisp6244
      @arnowisp6244 3 년 전 +9

      And so we will suffer the consequences whenever several overseas supply chains become quarantined or worst.

    • @toxic6085
      @toxic6085 3 년 전 +5

      @@arnowisp6244 diversification is the answer .

    • @arnowisp6244
      @arnowisp6244 3 년 전 +1

      @@toxic6085 We already diversified and when all those supply chains go down we are screwed.

    • @barryraymond9004
      @barryraymond9004 3 년 전 +15

      Supply chains to the United States will be required to be in the geopolitical interest of the United States. That is the mistake made with China. Trading with China was in the security interest of the United States in the 70s to counter balance the Soviet union. After the cold war the hope was that trade would open China to the world until the EP3 spy plane fiasco of 2001. After that, it was no longer in the security interest of the United States to trade with China, it was only a financial benefit for US corporations who thought they would have access to the Chinese market. Its ALL over now as US companies know China's markets will never be open to them. Trade with China is neither in the security or financial interest of the United States. China should be ejected from the US lead global financial system.

  • @AthenaGate
    @AthenaGate 3 년 전 +10

    Yeah, I don't think the rise of populism is about isolation, I think it is about making sure the people in your own country don't get forgotten in the quest for free market expansion. Also, America really wants to hold onto it's economic influence over China.

    • @barryraymond9004
      @barryraymond9004 3 년 전 +2

      No, America wants to destroy the CCP. China has deviated from the plan. open markets - open system. Trade with China is no longer in the security interest of the United States.

    • @AthenaGate
      @AthenaGate 3 년 전 +2

      @@barryraymond9004 how so?

  • @ericklestrange6255
    @ericklestrange6255 3 년 전 +13

    too many economists, not enough manufacturing engineers. the big market for components that shenzhen is just doesnt exist anywhere else yet unfortunately

    • @ericklestrange6255
      @ericklestrange6255 3 년 전

      and seems impossible to recreate

    • @jimpad5608
      @jimpad5608 3 년 전

      @@ericklestrange6255 The USA could do it by investing billions of tax dollars because USA companies will not

    • @ericklestrange6255
      @ericklestrange6255 3 년 전

      @@jimpad5608 its not only about gathering the materials in one place, the materials are directly linked to nearby factories you can order from. With usa ip obsession could also be a nightmare, but id definitely love it if it happened, unfortunately nobody knows much about manufacturing and they comment from ignorance

  • @AkiraBergman
    @AkiraBergman 3 년 전 +10

    Corporations will decide. They have the power.

  • @videosammy
    @videosammy 3 년 전 +7

    You can try to predict all you want but things arent as predictable as some "experts" say.
    Some companies will concentrate more locally and other companies will try their hand at expanding their brands internationally.
    Nothings gonna change that as long as making money and expanding is still viable.

  • @madan7905
    @madan7905 3 년 전 +59

    As basic idea of economy is effective utilisation of limited resources to meet unlimited wants, Globalization is inevitable. We need to collaborate and cooperate more with each other rather than political game for Superpower.
    Sustainable growth is more important than hyper growths. COVID-19 could be just a beginning of waves of lot more pandemics to come. Who knows ?

    • @darnellbaird206
      @darnellbaird206 3 년 전 +2

      We need a superpower to govern the rules of commerce. One power's stealing is another's tax. eg. Would you want to exist under china?

    • @j.pgoodwin9020
      @j.pgoodwin9020 3 년 전 +6

      @@darnellbaird206 A Superpower is not the Answer, power corrupts and absolute power corrupts absolutely, when you consider in so many countries the corporate and wealthy donors to politicians and political parties control the actions of the country and effectively write it's laws and regulations for the benefit of the wealthy and powerful while the politicians and media spin wonderful fairy tales to divert the public's attention and puffed up ego tripping mainstream and social media opinion spewers masquerade as news sources informing the public to achieve their personal or corporate agenda's. Everyone has an agenda, - work out for yourself how their agenda would work out in the real world where everyone is looking after their own interests

    • @jimpad5608
      @jimpad5608 3 년 전 +1

      @@darnellbaird206 You have no choice. China can not be stopped or controlled. Either learn to live with China or destroy your own future.

    • @ihl0700677525
      @ihl0700677525 3 년 전 +1

      _"effective utilisation of limited resources to meet unlimited wants"_
      "Effective utilization" according to who? The market, the government, "the people"? Geopolitics is always an important part of the calculation. Trade policy will always be one of the tools of geopolitics.
      Economists likes to say that economy is the core of everything, that international relations is driven by economic need. IMO that's simply not true. Ideology can be far more powerful motivation for millions of people. Ideology even shape some countries' economic policy.
      Globalization is *NOT* inevitable.

    • @arnowisp6244
      @arnowisp6244 3 년 전 +1

      @@j.pgoodwin9020 "absolute power corrupts absolutely"
      Except that's not what evidence suggest.
      www.psychologicalscience.org/news/power-doesnt-corrupt-it-just-exposes-who-leaders-really-are.html
      Power doesn't corrupt, it just shows who you really are hench why I prefer.
      "If you want to know a man, give him some power."
      Still doesn't make China better.

  • @jimsweet5967
    @jimsweet5967 3 년 전 +13

    The main issue with Globalization is the concern Nations have with non-elected officals making decisions for the world welfare without having to face an electorate every 4-5 years. Gobalization currently is seen as very undemocratic concentration of power, which it is.

  • @danielkamali5964
    @danielkamali5964 3 년 전 +67

    First thing you learn in Economics class: *Self-sufficiency is inefficiency and inefficiency is poverty*

    • @arnowisp6244
      @arnowisp6244 3 년 전 +24

      *Self-sufficiency is inefficiency*
      Looks at what happened when China became our primary source and manufacturing hub for face mask and medicines.
      *I beg to differ.*

    • @campkira
      @campkira 3 년 전 +1

      first thing is if you had lower cut of profit.. then there are no reason to do business at all for big business they need very high cut of profit or they won't survived and the finace sector would cut them to pieace and sell them... like it or not what you lean in economy don't work since they don't understand how the world work... the fact is it is good for compnay to move out of china.. and go to other country and imporved them... the world will no long need china... but cold war would be hard and hard...

    • @VivekRoy2991
      @VivekRoy2991 3 년 전 +8

      No wonder economists are screwing us

    • @paxundpeace9970
      @paxundpeace9970 3 년 전 +3

      North Korea is one of the best examples. But sure republicans love it.

    • @paxundpeace9970
      @paxundpeace9970 3 년 전

      @@campkira china is the main and prime producer if antibiotics and any basic pharmaceutical products. As well as rare metals.
      Not to speak of masks PPE and other medical products.

  • @joh_manni7903
    @joh_manni7903 3 년 전 +27

    Globalization is the essence of sustainable growth. Just like the FX market and crypto and stocks, their evolutionary state is all based on the effectiveness of globalization.

    • @qiang.an.chenglei913
      @qiang.an.chenglei913 3 년 전

      Yea very true

    • @alpha.cmor-pha761
      @alpha.cmor-pha761 3 년 전

      The FX market is Definitely a No. 1 effect of globalization. So also tech stocks like apple which are stealing the show now due to their universal effectiveness.

    • @joh_manni7903
      @joh_manni7903 3 년 전

      investing in this securities now is of greater value to an individuals portfolio. Either on a long or short term with prominent results from the market.

    • @azriqkkuwoung3875
      @azriqkkuwoung3875 3 년 전

      @@joh_manni7903 be careful with trading, yes you can make money doing it but more people fail than succed. investing especially dividend investing can create much more wealth long term if you're under 30. if you're older and just starting, trading might be your best bet. But do a lot of research. best of luck to you.

    • @joh_manni7903
      @joh_manni7903 3 년 전

      @@azriqkkuwoung3875 thank you, I'm 43, I seem to have more loyalty to investment on the market that pays dividend and I also got to invest with Paul Helfer, a prominent and proficient CPA. He is all checked out.

  • @eliudnjai
    @eliudnjai 3 년 전 +36

    This is nonsense. You really think Americans want to make their own shoes or clothes?

    • @itsBDubss
      @itsBDubss 3 년 전 +14

      They will once/if they can't afford to eat the following week.

    • @adis.g6569
      @adis.g6569 3 년 전 +8

      Local American made? See if your citizens could afford that

    • @phyliciamasters1247
      @phyliciamasters1247 3 년 전

      🤣🤣🤣🤣

    • @yohaneschristianp
      @yohaneschristianp 3 년 전 +1

      Only if they can afford that from their wages

    • @strhopper1
      @strhopper1 3 년 전 +1

      Yes actually just not for poverty wages. After the fed and government gets done destroying the dollar those"real wages" will likely be poverty wages

  • @tiffsaver
    @tiffsaver 3 년 전 +4

    We’re following the same, identical game plan as ancient Rome, just before it ultimately collapsed from within. Let us count the ways, shall we?
    Rome was built on two things. War, and slavery. In fact, they invented the term, “Pre-emptive War,” which means attacking all of your neighbors with the excuse that they might attack you first. To finance these unending wars, they nearly taxed all of their global citizens to death, while the wealthiest among them called themselves “senators,” and governed their entire empire for personal ego, wealth, and power. Using their conquered countries as slave labor, their industries made themselves more wealthy than any time in ancient history. Soon, the citizens of Rome began to complain, so they plied them with what they called, “The Games,” bloody gladiatorial spectacles used to take their minds off how bad things were going, while they plied them with free wine and bread. But eventually their economy began to fail, due to widespread government corruption and internal mismanagement. Eventually, the same countries they used to control rose up to control THEM, becoming the new dominant world powers.
    Segue to today. America, once the heart of industrial might, sent all of our manufacturing to China, who uses their own people for slave labor. While making a few selected individuals wealthy beyond compare, it destroyed the entire US economic base. To replace this permanent loss of wealth, the US military began to invent endless wars of corporate profit in the Middle East, using already overburdened American citizen’s tax dollars to help finance these same continual wars. In order to placate the increasing discomfort of its citizens, they created televised sports like football, replacing gladiators with men wearing body armor and tossing a pigskin ball instead of a wielding a sword. Then, they began to even ply them with cheap beer, and hotdogs instead of bread. Then, when America’s economy began to ultimately fail, they began to send more of their young men, raised on hyper violent video games and US global rhetoric to fight in yet more ‘Pre-emptive Wars’ in order to keep their cash flow grinding out more dollars at the request of their senators while their citizens starve, ironically making China, the same country we once dominated, the next pre-imminent world power.

  • @ChesterWolf
    @ChesterWolf 3 년 전 +11

    The future of America machines making other machines assembly lines producing other assembly lines. Humans not need it 100% unemployment.

  • @twobrotherscycleanda
    @twobrotherscycleanda 3 년 전 +8

    Adam Smith's three phases of capitalism: farming, industrial, service. There is no fourth phase. The system either evolves or dies.

    • @yohaneschristianp
      @yohaneschristianp 3 년 전 +2

      It is back to the nature, farming

    • @revatronprime4120
      @revatronprime4120 3 년 전

      @Ήρθα για να γελάσω με εσένα just Google it man Google is right there

  • @ninjanerdstudent6937
    @ninjanerdstudent6937 3 년 전 +43

    We can either have immigrant workers coming into America to work in the factories or robots to work in the factories because Americans cost too much to work in factories.

    • @101yayo
      @101yayo 3 년 전 +10

      For now they want immigrants because the government does not have to invest anything. They get young, hardworking and talented workers from 3rd world countries working and paying taxes.

    • @j.pgoodwin9020
      @j.pgoodwin9020 3 년 전 +5

      A large part of the problem is the cultural environment a large proportion of Americans grow up in that shapes their beliefs and attitudes, they are too good for menial work, that is what "slaves" are for (That is America's history - slavery)

    • @readynowforever3676
      @readynowforever3676 3 년 전 +4

      The Desi Vegan Even if we did that, who would we sell the products to, the robots, or the immigrant workers wouldn’t be paid enough to buy the products that they produce ?
      An end to globalization would offer very little incentive for other nations to receive our low tech products.

    • @konigstiger3252
      @konigstiger3252 3 년 전 +1

      Not because American cost too much but because union are too powerful

    • @jimpad5608
      @jimpad5608 3 년 전 +3

      @@konigstiger3252 pure bs. Labor is a free market. Even if you got your wish to be rid of unions that would solve nothing. The reality is unions are almost gone and wages have been stagnant for 30 years. Employers fully control wages now and USA wages are still high.

  • @Patemgo
    @Patemgo 3 년 전 +32

    What an Interesting time we live in !!

    • @khankrum1
      @khankrum1 3 년 전 +4

      That is a Chinese curse.

    • @Omar-em7rl
      @Omar-em7rl 3 년 전 +10

      @@khankrum1 thanks to the Boomers that started traded with the Communists 40 years ago.

    • @jarednovel
      @jarednovel 3 년 전

      COVID IS A SCAM AND HERE IS PROOF krplus.net/bidio/XbR6hGR6iW-sh6Q..THIS IS A CROWD IN TANZANIA ATTENDING A POLITICAL RALLY TODAY. NO ONE IS WEARING A FACE MASK AND NO ONE IN THIS COUNTRY IS SICK OF COVID SINCE THE PRESIDENT DECLARED COVID AS A SCAM AND REFUSED TO LISTEN TO FOREIGN GOVTS AND WORLD HEALTH ORG

    • @dannnyyang
      @dannnyyang 3 년 전

      S500 Triumph tanzania is one of the most corrupt governments lmao

    • @vivienne3811
      @vivienne3811 3 년 전

      Yes.

  • @joanam3070
    @joanam3070 3 년 전 +3

    We can be global with international harmonized environmental, health and labour laws. Plus, governments can give incentives and prioritize local and national products instead of punishing outside products. Glocal would be the best way to go.

  • @georgemitchel23
    @georgemitchel23 3 년 전 +12

    "Deglobalization" it's as reasonable as machinery working out from steam power rather than electricity or combustion.
    The economy is gonna change, no doubt about it... but is not gonna be like everyone producing their own stuff, we're too far into globalization to stop.

  • @delmanpronto9374
    @delmanpronto9374 3 년 전 +2

    globalisation will only stall for a decade or so, but it will rise again. it's unstoppable. YT is a perfect example of how people all over the world can come together and share ideas and information instantly. regulation can only slow down its progress, but cannot stop it.

  • @Asher89leo
    @Asher89leo 3 년 전 +15

    This is depends on the region. Asean region wants to join together even more.

    • @patrick594
      @patrick594 3 년 전

      Please don't

    • @dektran4843
      @dektran4843 3 년 전 +3

      JOIN TOGETHER AGAINST THE CCP

    • @bradchoi662
      @bradchoi662 3 년 전 +3

      @@dektran4843 No thanks.

    • @qjtvaddict
      @qjtvaddict 3 년 전

      DEK TRAN spotted the warmonger

    • @dektran4843
      @dektran4843 3 년 전 +1

      @@qjtvaddict i''m saying just blockade the ccp's territorial claims/expansion

  • @wattlebough
    @wattlebough 3 년 전 +12

    It’s my prediction that globalisation will become more exclusive, with democracies who value an international rules based order mixing away from reliance upon autocratic states and unreliable trading partners.

  • @shawnz3307
    @shawnz3307 3 년 전 +13

    US Deglobalization vs. Tesla expending worldwide.

  • @imh9278
    @imh9278 3 년 전 +2

    So much knowledge in a single video. Bravo..

  • @TDuff7
    @TDuff7 3 년 전 +10

    Its not Globalisation when China has the monopoly over manufacturing, countries need to diverse more, we saw in the early days of covid when china shuts down there was a shortage on face masks, medicine and ventilators. All of which could of been useful in the early days of the virus not to mention products of materials and equipment the help move other industries like construction and services which in my city is a big contributor of our economy

    • @QuietJagung
      @QuietJagung 3 년 전 +1

      Shortage of masks was due to sudden huge demand increase. China ramp up very quickly, some factories set up in a couple of weeks. There is no shortage of masks anymore. There is also rubber gloves shortage.

  • @jeromeyklein8838
    @jeromeyklein8838 3 년 전 +11

    I disagree, I predict everything goes back to normal in terms of contact

    • @yohaneschristianp
      @yohaneschristianp 3 년 전 +3

      @elijah mikle Company is happy without them 👍

    • @andrewchin2626
      @andrewchin2626 3 년 전

      In your dream

    • @jeromeyklein8838
      @jeromeyklein8838 3 년 전 +4

      ​@elijah mikle Idk about the economy, I meant in terms of contact such as shaking hands. I say this because we went into similar lockdowns for the 1918 pandemic and afterwards we went back to shaking hands, etc.

    • @revatronprime4120
      @revatronprime4120 3 년 전

      @elijah mikle thats why capitalism sucks

  • @kennethuyabeme
    @kennethuyabeme 3 년 전 +3

    5:04 my thoughts exactly, that's really the bottom line and why I feel this talk of the end of globalization isn't very grounded.

  • @geazy2738
    @geazy2738 3 년 전 +1

    Thank you for keeping adding eng subtitles

  • @xm1756
    @xm1756 3 년 전 +24

    Most Americans don’t get out of their cars.

    • @deadlivewalk
      @deadlivewalk 3 년 전 +8

      78% of americans does not own a passport.
      Really , only few of them are educated about outside their state as well.

    • @Somd55
      @Somd55 3 년 전

      Most Chinese don’t leave anything that crawls in their house alive and make it food

    • @dahl2525
      @dahl2525 3 년 전

      What I’m firm America and I get out of my car multiple times every day is this some stereotype from another country?

    • @dahl2525
      @dahl2525 3 년 전 +2

      As opposed to walking 8 miles to the nearest grocery store or 196 to the nearest hospital because Sasha is having a baby we need cars in most of America it’s not one giant ass city

    • @Aaron-wq3jz
      @Aaron-wq3jz 3 년 전 +3

      @@dahl2525 people forget our states are bigger than European countries

  • @jiq9178
    @jiq9178 3 년 전 +9

    Soviet Union produced everything by itself, because they were so successful, Trump thinks we should do that too.

    • @dannnyyang
      @dannnyyang 3 년 전 +3

      Ji Q lmao 😂

    • @campkira
      @campkira 3 년 전 +1

      that because they never had to support their people.. why the hell you think people had to go to civilwar with russia if they can produced everything..

    • @NUCLEARARMAMENT
      @NUCLEARARMAMENT 3 년 전

      You are truly an idiot. The USA used to make over 90% of goods sold to consumers up till the '70s. Now it's 50%, maybe a little higher.

  • @silviaevelyn9458
    @silviaevelyn9458 3 년 전 +37

    Good and informative video 👌👌👌 👍👍
    Despite the economic crises now is the best time to make series of investment 📊

  • @rkevic
    @rkevic 3 년 전 +6

    Sounds similar to how Oil is managed politicaly

  • @o0Avalon0o
    @o0Avalon0o 3 년 전 +1

    We have moved too far into an extreme without regard to human rights or the environment & without a safety net. To say "Is globalization over?" is sensationist, when we are merely moving back to the middle.

  • @SickaMorStyle
    @SickaMorStyle 3 년 전 +12

    What did globalization do to the United States, specifically small business owners?

    • @campkira
      @campkira 3 년 전 +1

      alot... you think your smb would last long without rich customer? if you try to do business like that people would lose their money more than made money...

    • @awwwsy
      @awwwsy 3 년 전

      If profitable alot, the costs go to poorer countries but the PROFITS go to the small business owners.

    • @dannytat9477
      @dannytat9477 3 년 전 +2

      I don't think you understand what life was like when there was very little trade between countries. You would not be able to purchase many items we take for granted today without it.

    • @royk7712
      @royk7712 3 년 전 +1

      small company can design a product, manufacture it in china, and ship it back to US. cheap product sold in united states with high price. huge profit
      trade war eliminate this opportunity(or at lease make it more expensive and less profitable)

    • @rhodesianwojak2095
      @rhodesianwojak2095 3 년 전 +1

      @@dannytat9477 oh no less bread and circuses how horrible

  • @ivyli4956
    @ivyli4956 3 년 전 +5

    If you can print hard currencies like US dollars and Euros, of course, there will be globalization. LOL.

  • @MooseBme
    @MooseBme 3 년 전

    I was waiting for this to be discussed, THANKS :)!

  • @eal8645
    @eal8645 3 년 전

    It is a simple accounting concept of Consolidation! For example, Toyota has factories in the US. Hires US workers to do the work of making vehicles. At the end of year, profits will be stated in a Consolidated Finance Statement where the profits will be "wired" back to Tokyo because Japan is where the headquarter is, and the stock is listed on the Tokyo Stock Exchange. What can anyone do to prevent that from happening?

  • @chrislangton2305
    @chrislangton2305 3 년 전 +12

    I think the biggest effect of covid will be proof that working from home is effective. That mean great globalisation of service sector why pay an expensive employee in new York when you can get an indian/phillipine/African for a tenth the cost.

  • @Userkzb20253
    @Userkzb20253 3 년 전 +6

    The problem of US is not globalization but the lack of a better- and practical -way to distribute the gain of wealth without invoking ideology and animosity.

  • @reynaldsusain
    @reynaldsusain 3 년 전 +1

    In my opinion, globalisation will evolve and adapt to uncertain situation such as these and take a new form that will further the benefit of global economy in a very positive way.

  • @ggrthemostgodless8713

    They might be able to reduce globalisation but they cannot stop it, and eventually economics dictates that there will be MORE globalisation to increase profits.

  • @markyboo
    @markyboo 3 년 전 +9

    Starts to watch the video, sees the likes of Krugman, stops video.

  • @gunjanshrivastava5821

    Developing countries are just signs that the developled ones want even more

    • @campkira
      @campkira 3 년 전

      the good thing about developing is you can living as rich man for not much...

  • @mobiledevto
    @mobiledevto 3 년 전 +1

    First off... we are NOT at the end of globalization.. second .. that wouldn't be a bad thing to buy, and support your local community versus grease the wheels of multinational corporations.

  • @franjurado7188
    @franjurado7188 3 년 전

    Relevant and diverse opinion, but too much Macroeconomy approach ... i missed the impact analysis on key industries> automotive, aeronautics, parts design and production, home appliances, textile, chemicals, ... how will impact the insourcing the production lines (machinery, tooling, trained workforce)? and new outsourcing arrangements in other countries to level up costs and risks?

  • @juanluistostadocanales3955

    Globalization was good while the Anglo-Saxons got the best part of it, nowadays the Anglo-Saxons cannot compete thus globalization is going down.

  • @The3Pragmatic
    @The3Pragmatic 3 년 전 +7

    This debate is not balanced. It seems like they invited people who are all for an unregulated globalisation.
    It's not about whether we want protectionism or globalization. It's about whether we want a more balanced globalisation and a protection of industries that we want to keep in the USA.
    The way globalisation was implemented since 1980, was to move thousands of factories from USA and Europe to developing countries. Because it was cheaper to produce products in China and Taiwan. We focus too much on profits and maximizing shareholders investment. But what about the working class?
    This policy caused American losing thousand of local jobs and factories for the benefit of corporations profits.
    So the question is, would you prefer a realistic industrial strategy about what type of productions we want to keep in the USA, a resilient local economy, with smaller carbon footprint?
    Then we have to implement protectionism on the industries that we want to keep in the USA. And for the industries that we are happy to keep in developing countries, we should allow free market. A balanced globalisation.
    Or would you prefer an angry working class which lost their jobs and which are turning to extreme ideologies?
    We need to turn the page of the failed ideology of neoliberalism which started to be implemented from 1980. It caused massive deregulations, a stagnation of the median wages of working class people for the last 40 years, a massive loss of quality jobs with industries moving outside USA, it caused a drastic reduction of taxes on wealthiest which prevented financing universal healthcare, schools and universities. As a result we have a massive inequalities and the rise of extremism. USA is the only developed country without an universal healthcare. It's that bad.
    We need a balanced capitalism. USA used to be a more balanced capitalism between 1940 and 1970. Capitalism doesn't have to be neoliberalism and an unregulated globalisation.

  • @krypticencoder
    @krypticencoder 3 년 전 +1

    The last man talking made all the sense!

  • @hadilee685
    @hadilee685 3 년 전 +1

    The world is connected and intertwined more and more and this is something nobody can escape from. It's going to influence every thing we do or how we behave. How to adjust ourselves to this trend is what matters.

  • @ozasachin2000
    @ozasachin2000 3 년 전 +19

    Title should be "let's support China...." 🤣

    • @kenlee1416
      @kenlee1416 3 년 전 +2

      Perhaps, yer be better off lapping up the material at ''China Uncensored''.

    • @kenlee1416
      @kenlee1416 3 년 전 +2

      @Aaryan Shrestha china produces cheap junk. India produces phone and online scammers..

    • @MuddinNYC
      @MuddinNYC 3 년 전 +1

      @@erich4812 You would be able to afford them. Things would be roughly 10% more in cost . I specialize in out sourcing manufacturing to China and India. People think they save 50% but you just save 10%

    • @JigilJigil
      @JigilJigil 3 년 전

      @ElijahMFearon Excellent point.

  • @bigjd2k
    @bigjd2k 3 년 전 +6

    Whatever happens the whole system needs to become sustainable environmentally, or climate change will force it to happen, and it won’t be nice.

  • @tomr6955
    @tomr6955 3 년 전 +1

    Standard and cost of living needs to drop to enable local production.
    No more living above our means.

  • @curtiscarpenter9881
    @curtiscarpenter9881 3 년 전 +1

    What is globalisation and has it really ever been considered to be inevitable? I would ask how has this reflected upon offering wider solutions to landlocked nations which are mostly in the middle east and Africa supporting their economies?

  • @meldridgereedjr2842
    @meldridgereedjr2842 3 년 전 +15

    You should read "The Accidental Superpower", " The Absent Superpower" and "Disunited Nations" by Peter Zeihan.

    • @jaycrow6871
      @jaycrow6871 3 년 전 +1

      i did. I still never understood why poorer countrys need to sell stuff to USA or other developed countrys. Sounds like a way to force neo-colonialism out there. Automation can do so much of that work domestically why bother having the US trade.

    • @user-ic4ce8xb5v
      @user-ic4ce8xb5v 3 년 전 +3

      @@jaycrow6871 there is still a labor problem where you need fewer but more skilled workers to run a robot plant. U.S. education is a very mixed bag. Places like Massachusetts have great education, but there are a lot of states that really drag down those averages. People who can't even do basic arithmetic will not have basic factory jobs but will also be unable to do the robotic manufacturing jobs higher up the value chain.

    • @user-ic4ce8xb5v
      @user-ic4ce8xb5v 3 년 전 +1

      Zeihan is very sharp, I do think he gives too much credence to power politics and I tend to believe that peoples' PERCEPTION of their interest matters a lot more than their actual interest, and that goes for whole countries too. I still think there is a good chance he's right about what will happen next.

    • @christopherramos8276
      @christopherramos8276 3 년 전 +2

      You know your stuff sir.🥃

    • @TheBooban
      @TheBooban 3 년 전 +1

      R M if they take action sure perception is more important. But what does he say happens next? Zombies?

  • @eddiestilll
    @eddiestilll 3 년 전 +11

    why cant we all jus b friends and business partners... 😭

  • @shaqmaverick
    @shaqmaverick 3 년 전

    I doubt it

  • @vibhubhan
    @vibhubhan 3 년 전

    Manufacturing nationanlism managed properly can be a boon for north america, but there is a cost due to automation in the manufacturing. The cost to people, jobs and high unemployment in any country is a major issue. Mass unemployment is breeding ground for discontent and eventually a disgruntled citizen. How will this issue be resolved across the globe? Why are some of these top economists still defending globalization which had a very narrow outlook and does not answer the questions of the near future. None of the experts have responded to this real threat, what does their book say about handling this reality?

  • @hampsternips
    @hampsternips 3 년 전 +18

    Nothing like a hunch of rich people telling me why I'm better off because of globalization....

    • @feedweeb8856
      @feedweeb8856 3 년 전 +1

      Its hardly a hunch... its a proven economic and mathematical concept. We have 100 units of production for instance, but we cant spend em on what were best at because we have to do everything

    • @cameronhowe1110
      @cameronhowe1110 3 년 전 +1

      Do you honestly think your not ?

  • @aon10003
    @aon10003 3 년 전 +6

    When you say that globalisation is a win2win game, i stop listening.

  • @mineown1861
    @mineown1861 년 전

    If whole sectors are moved offshore or a disproportionate percentage of all manufacture is moved to one particular country then Globalisation is a total misnomer.
    The motivation for Globalisation is not the elevation of developing economies , that's a line straight out of the marketing department , it's market penetration and profit margins.
    Globalisation in it's current guise is merely the transfer of power , not the redistribution . As such the demise of its version 1.0 should be warmly received.

  • @rext8949
    @rext8949 3 년 전

    A reversal in globalisation will hit the poor hardest as far as access to cheap products are concerned as also jobs in the export sector. Globalisation has been a great help in lifting a lot of people around the world from poverty and raising their living standards. Mass production techniques are more suitable to those countries where wages are lower and this has helped lower the cost of goods leading to an inevitable rationalisation in the employment sector. Rising protectionism will result in the skewing of prices and a polarisation of wealth both between countries and also individuals.

  • @MeatCatCheesyBlaster
    @MeatCatCheesyBlaster 3 년 전 +3

    Dude, the world is over. Pack your bags.

  • @avijitkumar3293
    @avijitkumar3293 3 년 전 +3

    Every system matures and then it starts to show edges. Globalization has reached such a point, it has to reduce to some degree.

    • @DhrubajyotiRaja01
      @DhrubajyotiRaja01 3 년 전

      Yeah....It's not *Deglobalisation* ..... It's more of *Slowbalisation* .....

  • @jeusnimrod2066
    @jeusnimrod2066 3 년 전 +1

    Less consumer, less commerce or none at all, less trash or garbage. Earth will be one big hive.

  • @Duhernt
    @Duhernt 3 년 전 +2

    I like Mohammed El-Erian's explanation that the world has the same concerns with China that the US does. China doesn't honor our copyright laws which are a huge issue for any future business.

    • @jimpad5608
      @jimpad5608 3 년 전 +1

      Please tell us exactly what copyright laws has China violated? This bogus talking point is constantly repeated with no proof.

    • @alexturlais8558
      @alexturlais8558 3 년 전

      Arguably the west has been far too strict on intellectual property. Chinas approach has allowed a variety of companies to grow, rather than just allowing one to monopolise a specific technology.

    • @henglim6250
      @henglim6250 3 년 전

      Micheal F. Two points you need to consider: 1.China under WTO is a third world country , so they have a right to ask for technological transfer.
      2. Fake products is a world wide issue. It is a criminal offense and not IP theft. IP theft has to involved illegal copying of the process or idea. Not just producing something that looks like the original product using your own process or method. The expert panel can't even appreciate the difference.

  • @stevenjenkins3882
    @stevenjenkins3882 3 년 전 +5

    South America, Central America and North America. Problem Solved.

  • @gordonadams5891
    @gordonadams5891 3 년 전 +3

    Many of us have advocated Fair trade replace Free trade for years. We saw the free trade slow train wreck coming.

  • @barryneild379
    @barryneild379 3 년 전 +1

    *Many many other countries have aggrievance against the US too: Canadians Steel, German Cars, European Airbuses... to name a few.*

  • @jimgraham6722
    @jimgraham6722 3 년 전

    Globalisation in its present form is mainly rampant corporatism. Only large corporations are able to fully benefit and those benefits flow to relatively few people. Too many international corporates are able to arrange affairs to exploit workers, damage environment and avoid paying fair taxes. This is not by any measure economically efficient.
    Further, countries that have given up manufacturing have seen a net loss of human capital as the associated skills and knowledge have gone offshore. It is very much a losing proposition for many in those countries exporting their industries.

  • @vinody
    @vinody 3 년 전 +3

    Clueless! Not one talking of trade deficits.

    • @vinody
      @vinody 3 년 전

      @@misterguy2929 Trade imbalances are economically and politically unstable. This is where economic theory fails.

  • @magnumredskull
    @magnumredskull 3 년 전 +4

    Next step for Global Economy is called Índia! That's what the ocidental leaders should've done decades ago.

    • @user-ub3hd4sy4e
      @user-ub3hd4sy4e 3 년 전

      India is too corrupted country. It grows too slow from very low level

  • @NAUM1
    @NAUM1 3 년 전 +1

    Robert Reich saying globalization isn't zero sum while still continuing to promote the idea that wealth inequality is somewhat a result from a zero sum game shows his fallacies.

  • @FusionFitters
    @FusionFitters 3 년 전 +1

    Its about the quality of goods.

  • @shelleybrown9307
    @shelleybrown9307 3 년 전 +37

    The rich stay rich by investing like and investing without stopping then the poor stay poor by spending like the rich yet not investing like the rich

    • @tonywest3114
      @tonywest3114 3 년 전

      Well said👏
      You are right, investing is the key

    • @noahrichards1309
      @noahrichards1309 3 년 전

      Well that's generally true its concerning that several of the richest most successful investors are sitting on the sidelines right now and waiting for a better entry point

    • @jennifercooper4692
      @jennifercooper4692 3 년 전

      So true lol, it doesn't make sense

    • @jesserodriguez5312
      @jesserodriguez5312 3 년 전

      It can be said a little simpler, if you want to be rich then focus on saving and investing, if you want to be poor then focus on spending

    • @rubiojimenez9611
      @rubiojimenez9611 3 년 전

      Already invested in stocks and I cant really get a good returns from it

  • @mehmetaydin3103
    @mehmetaydin3103 3 년 전

    Thanks a lot CNBC you are my favorite channel ever

  • @degenerate2912
    @degenerate2912 3 년 전 +1

    First i thought globalization will peak after the pandemic... But CNBC have me a new perspective ... 🤔🤔

  • @beentrill8492
    @beentrill8492 3 년 전 +4

    Good

  • @Venga7
    @Venga7 3 년 전 +3

    Globalization was killing us. I noticed within the past ten years a direct correlation between domestic discrimination and an increase in globalization. We will be stronger as a nation if we stop being a consumerism economy and put more people to work here at home in the US

    • @namesurname2174
      @namesurname2174 3 년 전 +1

      Who paid ur Harvard .?
      Prigojin ?

    • @campkira
      @campkira 3 년 전

      it don't work... since usa had some much internal expense and too much low in export.. by stopping global usa will fail as a country first.. don't forget last time goverment shut down and it was just not enough cash... you think closing country not going to effect more?

  • @want2seeall
    @want2seeall 3 년 전 +1

    Not an expert. First thing that comes to mind is diversify. Don't keep the eggs in one source.

  • @KasultyZu
    @KasultyZu 3 년 전 +1

    I'm just coming to check the book background these days. Looks like things are tidy up a bit today.

  • @barryneild379
    @barryneild379 3 년 전 +8

    *OK... then the US isolate by itself 🤣🤣*

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    @juliebarns7420 3 년 전 +14

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  • @jamesdotson599
    @jamesdotson599 3 년 전

    Remember Reich touted NAFTA and promised "all boats would rise together." It didn't happen and the American industrial working class subsequently was screwed out of their jobs which had enabled them to have middle class living standards and fuel the national "consumer" economy. Cheap goods at Walmart didn't compensate for what they lost, so efficiency and higher living standards for whom?

  • @DhrubajyotiRaja01
    @DhrubajyotiRaja01 3 년 전 +1

    I would certainly not agree to the Point....Surely This Pandemic and International Relationships are making it Harder....But that's not -*Deglobalisation* ..... It's more of *Slowbalisation* ......

  • @CaseyBurnsInvesting
    @CaseyBurnsInvesting 3 년 전 +4

    The global economy is not a zero sum game. We need capitalism and liberty in more places, not fewer.

    • @khankrum1
      @khankrum1 3 년 전 +1

      What arrogance. What makes you think other places need or even want, capitalism and globalisation?
      Look at all the wars and people displacement this policy has created.
      THIS is causing the distruction of Western culture and the end of Western civilisation.
      Ask yourself the question of Caesar.." who will benefit from this"?

    • @weirdshibainu
      @weirdshibainu 3 년 전 +1

      That was the entire point of the big brains when they "opened up" China. That with more capitalism in China, political freedoms would follow, that "fair trade" would benefit everyone. Not even close.

  • @keyissues1027
    @keyissues1027 3 년 전 +11

    The Republicans should be an end sum party-- GONE with the hurricanes.

    • @johnpathadan
      @johnpathadan 3 년 전 +3

      Lol keep dreaming, dem party is in life support

  • @paxundpeace9970
    @paxundpeace9970 3 년 전

    I think in some areas we will see increase globalization on otjer we will see less.
    The focus back on regional (and sometimes) substantial products is growing.
    But still globalization isn't stopped. Yes countries will often produce spezial products themself. But despite all efforts they will be dependent on major producers worldwide.
    That small and local business are going broke only enhances globalization. Bigger competitiors will step in.

  • @twomix1822
    @twomix1822 3 년 전 +1

    Globalization is good but excessive globalization led only to massive income inequality around the world. Only the billionaires managed to benefit from globalization and neoliberalism while the working class is diminished.

  • @helpAmerica1
    @helpAmerica1 3 년 전 +3

    US dollar stores will be $100 stores.

  • @nedron7346
    @nedron7346 3 년 전 +4

    All about "care about china" ? Realy ? There are more econemys then the US an china

  • @yokoamo7158
    @yokoamo7158 3 년 전

    I like what the Nobel Laureate in Economics Ester Duflo said.

  • @jordie4423
    @jordie4423 3 년 전 +1

    That’s why you need import tariffs , yes product will become more expensive but we get well paid jobs in return and it will make our trade deficit go away. So protectionism works , take a look at China

  • @johnl.7754
    @johnl.7754 3 년 전 +4

    Stopping globalization is a short term pain but longer term benefit. Too bad most politicians just care about the short term.

    • @Nishith8
      @Nishith8 3 년 전 +4

      What?! Stopping globalization will negatively affect everyone in the long term

    • @MS-37
      @MS-37 3 년 전

      It’s not even that they care about the short term. They don’t care at all. That’s how they make their money

    • @feedweeb8856
      @feedweeb8856 3 년 전 +1

      Its the reverse john. Youll keep coal mines open a bit longer but if african coal costs 50% of us coal, the us will fall behind because us clients have to vastly overpay. Same goes for groceries, tech, phones and so on. Imagine iphone prices if produced in us+ no samsung to compete

  • @AK88.
    @AK88. 3 년 전 +15

    Paul Krugman is an absolute fool. Watch Jimmy Dore's newest video!

  • @balsarmy
    @balsarmy 2 년 전

    I agree. I think we are facing deaths of famous companies. Deglobalization will be applied to several areas. But it is going to be visible with oil and gas crisis, when the price of transportation in containers appears to be non efficient.
    I think the shift is to maintain internet economy with maintaining domestic farming.

  • @ki6eki
    @ki6eki 3 년 전 +1

    Why am I watching a video of a guy on a laptop while on a laptop

  • @etx007blue2
    @etx007blue2 3 년 전 +3

    Even China is shipping manufacturing jobs to Africa and Southeast Asia, good luck shipping manufacturing jobs back to the States.

    • @Mr.Legend_Speaks
      @Mr.Legend_Speaks 3 년 전

      If it comes back to the US, it will be automated! Sometimes Globalization becomes a National Security when one nation manufactures everything and deprives the world of certain supplies like Saudi Arabia has done with Crude oil, and China has done with Rare Earth Metals.

    • @etx007blue2
      @etx007blue2 3 년 전

      @@Mr.Legend_Speaks Like US limiting export of computer chips, and China limiting export of rare earth metal.

    • @Mr.Legend_Speaks
      @Mr.Legend_Speaks 3 년 전

      SubaruForester2015 America should care about America first!!

    • @etx007blue2
      @etx007blue2 3 년 전

      @@Mr.Legend_Speaks that's exactly what the Nazis were chanting before WW II. Nationalism is how democracy dies, and how wars start.