News

Letter: On the battlefield of ideas, try using a finance prism

Reading Gideon Rachman’s column “Patriots vs globalists is the new battlefield”(Opinion, April 19) it occurs to me, as an economist, that nationalism vs globalisation resembles a typical decision in finance.

It is a trade-off between risk and return. Nationalists, as in economic autarky, seek to avoid the risks from problems beyond their control but at the cost of lower reward. Globalists seek high returns through trade and resourcing at lower cost but at the higher risk of shocks beyond their control. Energy is an obvious example.

Labour migration, which is more controversial, is another.

Michael Wickens
Emeritus Professor of Economics
University of York
York, North Yorkshire, UK

​Letter in response to this letter:

Grifters, gongorists — whatever next?​ / ​From Jeffrey Fessel, San Francisco, CA, US

Articles You May Like

Gazprom plunges to worst loss in decades as sales to Europe collapse
Trump found in contempt of court in Manhattan ‘hush money’ case
Munis largely ignore moves in other markets post-FOMC, close out April in the red
Microsoft signs deal to invest more than $10 billion on renewable energy capacity to power data centers
HSBC chief executive Noel Quinn to step down after five years