Neoliberalism Backlash

In March William Greider wrote the article The Establishment Rethinks Globalization, which highlighted a shift away from the doctrine of neoliberalism and Rubinomics.

Today, the Financial Times reports on widespread global discontent regarding so-called "free trade" -- indicating that the backlash may just be beginning. The data is pretty stunning.

A popular backlash against globalisation and the leaders of the world’s largest companies is sweeping all rich countries, an FT/Harris poll shows.

Large majorities of people in the US and in Europe want higher taxation for the rich and even pay caps for corporate executives to counter what they believe are unjustified rewards and the negative effects of globalisation.

Viewing globalisation as an overwhelmingly negative force, citizens of rich countries are looking to governments to cushion the blows they perceive have come from the liberalisation of their economies to trade with emerging countries.

Those polled in Britain, France, the US and Spain were about three times more likely to say globalisation was having a negative rather than a positive effect on their countries. The majority was smaller in Germany, with its large export base.

Here is a graph from FT: