Monday, July 23, 2007

Globalisation generates dark thoughts - FT.com

Summary:
Chris Giles discussing FT/Harris opinion poll. Public sceptic about globalisation. Want competition among rich countries but feel threatened by emerging countries. Perceived unfairness of corporate executive rewards. Support more taxation for highest earners. (23/07/2007)

Related article Globalisation backlash in rich nations - FT.com (22/07/2007).


Notes:

  • FT/Harris opinion poll: more people in rich countries believing globalisation was having negative effect than positive; Britain, US, Spain: less than fifth think globalisation beneficial
  • contrast, most economists believe globalisation has been boost to economic performance of rich countries as well as poor
  • public feeling gap between rich and poor in their countries getting larger, that inequality is rising
  • majority of respondents in all countries (except Italy) think greater rewards for corporate executives are unfair; Britain and UK least likely to respect corporate bosses
  • large majority in most countries support more taxation for highest earners
  • strong transatlantic divide concerning executive pay; most of Europe, 2/3 of respondents think governments should set pay caps for executives, vs. 1/3 in US
  • many studies have shown that childeren of poor are much more likely also to be poor in US and UK; yet according to poll, US and UK citizen's have the opposite impression
  • across Europe, large majority thinks free competition should be one of EU's objectives
  • message clear: public want competition among rich countries but feel threatened by emerging countries

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