[chronicle] The world's first wave of economic globalization, led by the British Empire in the 1800th century, literally ended with a bang one Sunday afternoon in 1914. Then (with two exceptionally well-aimed bullets) Gavrilo Princip took the life of Austrian Archduke Franz Ferdinand and his wife. The years that followed were marked by a pan-European massacre, a lack of stability throughout the 1920s, and the rise of fascism and communism that culminated in the deaths of countless millions of people during World War II.
Is our era of globalization coming to an end? If so, it will not necessarily end with a repetition of the last century's slaughter, but with an economic downturn that brings economic stagnation, leaving millions of people in devastating poverty.
Various candidates have been proposed for the role of globalization assassin. A little-noticed, yet conceivable, aspirant has crept into the world economy: the growing tendency to limit the free flow of people, to "fence in" the rich world. We see the danger of this tendency all the time, but we perceive it as so non-threatening that we are just as accustomed to it, rather than reacting to it.
Globalization means the free movement of capital, goods, technology, ideas, and, yes, of people. Globalization that is limited to the first three or four freedoms, but omits the last,. . .
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