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Creative vs. Destructive: Is globalization a problem? If so, for whom is it a problem and how is it a problem?
Joseph Schumpeter's description of capitalism as an economic system that operates through an ongoing process of "creative destruction" provides a useful framework for examining some of the defining features of an increasingly integrated world economy. Indeed, much of the debate surrounding "globalization" centers around whether technological advancements which have reduced cross-country barriers to the commercial, cultural, and political exchange, have thus far produced a net of benefits or losses. Are we better off because of globalization or not? The answer seems clear. While competi…
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