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suman suhag's avatar

The great challenge of globalization is to democratize it. Great corporations and their public and private armies have driven globalization from its inception in Columbus’s wake 500 years ago, when spice and sugar merchants and slavers first cooperated in risk-sharing by co-investing in each other’s merchant adventures, then in co-owning each other’s ships, which evolved into limited-liability corporations, which spawned the Goliaths of pre-industrial globalization: The British East and West Indies Corporations, and the Dutch East Indies Corporation. These corporations ran governments, fought and bought rulers, employed tens of thousands of soldiers, and founded countless family fortunes in their home countries, while impoverishing the areas they ruled. Sound familiar?

Across the globe, right-wing authoritarians exploit the results of this unhappy history. Left-wing democrats still empower it while nattering about empty reforms. Simply put, globalization is good for elites. Trade creates jobs, mostly bad jobs along with often precarious work for developing middle classes, but great fortunes for employers and traders. While centrist Democrats dream of bad jobs becoming good jobs, they are indeed dreaming, as they serve their rich donors in their sleep. The great challenge is for the Left to wake up to the causes of popular rage and despair, and channel it constructively against the forces that create it. Alas, this means they must develop new donors.

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