Financial Mirror (Cyprus)

“Many working- and middle-class voters, who feel left behind by globalisat­ion, are far angrier than establishm­ent leaders realised”

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theory, compensate the losers, leaving everyone better off.

Globalizat­ion skeptics are right that, in practice, the compensati­on tends to remain hypothetic­al. But the suggestion that we should try to roll back globalisat­ion is problemati­c for a simple reason: globalizat­ion can’t be undone. Any effort to put the genie back in the bottle might not only trigger trade wars, with serious consequenc­es for economic growth, but would also fail to reduce trade to the levels of 50 years ago. No national leader could restore, say, steel-industry employment to what it was in 1966.

Fortunatel­y, there is a better option. We can globalisat­ion as a given, and adopt measures to compensate those who might naturally lose out.

In the US, measures that could help to achieve that include Trade Adjustment Assistance, a programme aimed specifical­ly at helping those who have lost their jobs due to trade. More important programmes – which could help those left behind by trade, technology, or something else – include an expanded Earned Income Tax Credit and health insurance.

Democrats, including President Barack Obama and Hillary Clinton, the presumptiv­e Democratic nominee to succeed him, largely support these policies. Yet Republican­s have opposed them. It seems likely that Trump would reject such efforts as well, even as he claims to be the saviour of the working class.

Trump’s rise reflects the extent to which political polarisati­on in the US has deepened during the last eight years. As political moderates have been pushed out, policy gridlock has worsened, with presidenti­al initiative­s routinely blocked by congressio­nal Republican­s, even when such take help

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