Back to the complete issue
Monday, 18 July 2016

On Brexit and Trump: Globalization continues, isolationism not the answer

Isolationism and fear of immigration and free trade will not end globalization, Michael Schuman writes for Bloomberg Businessweek. “Rather than retrenching, globalization is deepening and expanding — whether angry Trump supporters or British Leave voters like it or not,” Schuman thinks. Trade relations are growing between countries, with more regions moving towards establishing free trade areas in Asia and Africa. And investments abroad by companies, including from the emerging countries, increased dramatically over the past 10-20 years. Trade between China and India grew from USD 1.7 bn in 1997 to USD 72 bn in 2014, one of several examples Schuman cites. Chinese companies alone invested USD 111 bn around the world, ten times bigger than in 2005. Schuman admits that Brexit could dampen growth in Europe and outside of it, yet insists globalization will not be stopped. “Instead of pandering to isolationist forces, politicians would do better to address their very real concerns directly,” writes Schuman.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.