''Globalisation is failing in advanced western countries, where a process
once hailed for delivering universal benefit now faces a political backlash.
Why? The establishment view, in Europe
at least, is that states have neglected to forge the economic reforms necessary
to make us more competitive globally.
I would like to offer an alternative view. The failure of globalisation in
the west is in fact down to democracies failure to cope with the economic shocks that
inevitably result from globalisation — such as the stagnation of real average
incomes for two decades. Another shock has been the global financial crisis — a
consequence of globalisation — and its permanent impact on long-term economic
growth..''
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