The Future of Globalization
I recently attended TD Ameritrade’s National LINC conference. The headline speaker was David Cameron, former Prime Minister of the United Kingdom (2010-2016). After the Brexit vote, Cameron stepped down and now devotes his time to speaking out on global issues of importance.
Globalization – and talk of its demise – was one of the most popular topics at the conference. Cameron answered many questions on globalization’s future post-Brexit and post-Trump election. His opinion is that these are not signs that globalization is ending, rather, we should have confidence in our values and the progress we’ve made to this point.
Cameron pointed out that many have been left behind both economically and culturally due to wage disparity, technological change, and mass immigration. Instead of reacting defensively and with protectionism, Cameron believes we should progressively train the displaced, provide strong borders and immigration control (targeting terrorists, not religions), and support responsible capitalism (that which treats both employees and communities well).
Stated more succinctly:
- Protectionism always fails and we will not make America great by weakening other countries – nationalism pits people into opposition, whereas the world should be more engaging.
- We should create a pro-enterprise agenda: back science and infrastructure, lower corporate tax rates, apply new legislation along with the repeal of the old, and uphold NATO.
- We must continue to be the guardians of freedom and tolerance.
- We should take on a big society approach – empower communities and the private sector.
Cameron’s talk left me feeling that the future holds wonderful potential. America doesn't need to be more like someone or somewhere else; we need to be more like us.
Lance Gunkel, CFP®, CFA
Chief Investment Officer