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As the world reels from the Brexit shock, it is dawning on economists and policymakers that they severely underestimated the political fragility of the current form of globalization.Hyperglobalization in trade and finance, intended to create seamlessly integrated world markets, tore domestic societies apart.As an emerging new establishment consensus grudgingly concedes, globalization accentuates class divisions between those who have the skills and resources to take advantage of global markets and those who don't.So why has the left been unable to mount a significant political challenge to globalization?These countries experienced globalization mostly as a trade and foreign-investment shock, rather than as an immigration shock.The best that could be done was to enact Europe-wide and global rules, instead of allowing powerful countries like Germany or the U.S. to impose their own.
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