GLOBAL PERSPECTIVES

Considering Globalization's Dark Side

May 14, 2017 | 13:00 GMT

Under the global system of manufacturing, countries expect to become more developed over time. But if undeveloped countries believe there are scant future growth prospects, they may not accept such a reality quietly.

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The word "innovation" is often thrown around as if it were a panacea to all of the world's problems. Innovation, whether technological or otherwise, has certainly propelled the global economy ever forward over the past few centuries, but this movement has not always been so clearly one-directional. Perhaps the term "creative destruction," popularized by the economist Joseph Schumpeter, ought to accompany "innovation" in such discussions more frequently....

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