Studying Gideon Rachman’s column “Patriots vs globalists is the brand new battlefield”(Opinion, April 19) it happens to me, as an economist, that nationalism vs globalisation resembles a typical choice in finance.
It’s a trade-off between threat and return. Nationalists, as in financial autarky, search to keep away from the dangers from issues past their management however at the price of decrease reward. Globalists search excessive returns by way of commerce and resourcing at decrease value however on the greater threat of shocks past their management. Power is an apparent instance.
Labour migration, which is extra controversial, is one other.
Emeritus Professor of Economics
College of York
York, North Yorkshire, UK