Globalization has always instigated debate and disagreement. It’s blamed for the decay of state sovereignty, the rise of transnational organized crime and economic degradation. It’s constantly used as a scapegoat by politicians and world leaders who want to justify cases of economic and social race to the bottom phenomena in their respective nations, and it’s generally used as an easy excuse to defend failures and downsides. Regardless of these accusations, however, it’s important to note that the benefits of globalization and liberalization vastly overshadow their discontents, especially in the context of trade and economic growth.
In an increasingly globalized market, some governments are becoming much more concerned with three of the main consequences of expanding international trade. The first is that domestic companies are forced to grapple with not only domestic competitors, but also foreign competitors. Second is the growing dependence on foreign firms for important goods. Finally, the existence of trade deficits (higher imports than exports) which are often seen as “unfair”. In order to address these concerns, a growing number of countries are implementing tariffs on their imports, taxing certain classes of goods originating from specified countries.
Last week, Bernie Sanders and Alexandria Ocasio-Cortez released a new piece of legislation that would cap credit card interest rates at 15% called the Loan Shark Prevention Act. The two argue that this kind of intervention in the markets is necessary in order to protect consumers from the “greed” of the credit card and banking industries. Sanders and Ocasio-Cortez both believe that banks and credit card companies are taking advantage of the poor by charging “extortion level interest rates.
In our previous piece regarding censorship, I discussed many of the problems surrounding censorship. Many social media platforms and other news sources have taken it upon themselves to censor information with which they do not agree or information that they do not think should be spread. This type of censorship causes echo chambers where people only hear and read information with which they agree, further entrenching them in their political views.
Whoever controls the past controls the future, and whoever controls the present controls the past; because all records of the past are stored physically in the present.