Two views: [Martin Wolf] shows how trade and foreign direct investment are engines not of poverty but of wealth-creation; the problem for too many of the world’s peasants and workers is not too much globalisation but too little. There is a rich man’s club of western nations that largely invest in and trade with each other, ratcheting up their incomes by specialising in what they are good at and exploiting their exponentially expanding stock of physical, human and intellectual capital. What the rest of the world wants and needs is not to resist this process but to share in more of the action itself – and those countries that join in on the right terms can do astonishingly well. … But while Wolf believes that globalisation works, [David] Held has profound reservations. It certainly has the potential to produce the opportunity and sustained wealth-generation in which Wolf believes – but only if the politics and governance are right.
Ted Balaker is an award-winning filmmaker, journalist, and founding partner of Korchula Productions, a film and new media production company devoted to making important ideas entertaining.