Via Marginal Revolution-Essential Hayek by Don Boudreaux
Also, Larry Summers on TPP:
‘Today, we have such an economy, and it has supported the greatest economic progress in the history of the world in emerging markets and is working spectacularly well for capital and a cosmopolitan elite that moves easily around the world. But being pressed down everywhere are middle classes who lack the wherewithal to take advantage of new global markets and do not want to compete with low-cost foreign labor. Our challenge now is less to increase globalization than to make the globalization we have work for our citizens.’
We have much more mobile labor, competitive global capital, and a rather cosmopolitan group of people able to take advantage of many of these changes, in and out of the tech sector, manufacturing, politics, trade and finance.
How is this translating into local opportunities, skills and training and political promises? What about competing nationalist interests and different cultures with vastly differing views of the world all doing the same?
On a not unrelated note. Which ideas are leading America’s political and social elites now that many agree we’re aiming for ‘meritocracy?’
‘In fact the WASPs, he liked to point out, had not disappeared; their lifestyle, at least until the crash of 2008, was more opulent than ever. But the old monopoly of power had gone, and the country was the poorer for it. “The tragedy of American civilization,” Auchincloss wrote in 1980, “is that it has swept away WASP morality and put nothing in its place.”
On this day celebrating the 800th anniversary of the Magna Carta, it might be worth thinking about.