Globalization and Its Discontents Revisited: Anti-Globalization in the Era of Trump

摘要

Economies are characterized by feedback loops. Economic theory, however, has long been a theory of equilibrium (the mathematics is easier), and it does not recognise positive (or negative) feedback. Given the propensity for positive feedback - from runaway nuclear reactions to cytokine storms to global warming - to be highly destructive, this is a crucial failure.