Nobel Economics Prize Winner Angus Deaton Says We Didn’t Handle Globalization Well — Theory Has Not Turned Into A Happy Reality — Why Donald Trump Will Win The U.S. Election

Why Brexit and Donald Trump Are Real and Make Perfect Sense — Two Views

AFP

© TT News Agency/AFP/File / by Antonio Rodriguez | 2015 Nobel laureate in economics Angus Deaton (pictured) warns that Donald Trump in November’s US elections is ‘not a good voice’ for those neglected by the global movement towards economic and financial integration

PARIS (AFP) – Nobel prize winning economist Angus Deaton says billionaire Donald Trump’s US presidency campaign and Britain’s shock vote to quit the EU are symptoms of a botched drive to integrate globally.

In an interview with AFP, the British-US poverty expert warned that the Republican candidate in November’s US elections was “not a good voice” for those neglected by the global movement towards economic and financial integration.

Nor, added the Princeton University professor, is a so-called Brexit likely to benefit its supporters.

Inequalities have grown since the 1970s and become more marked with a globalisation drive that hits certain parts of the population, mainly in rich countries, Deaton told AFP, on the publication in French of his 2013 book “The Great Escape”.

“If we don’t deal with that, if we don’t somehow make globalisation benefit those people too or we share the prosperity that comes through globalisation, then I think that we are in considerable danger,” cautioned the 71-year-old Nobel laureate.

And populist politicians such as Trump in the United States, or Britons’ unexpected decision in June to slam the door on 40 years of European Union membership are “part of the result of not handling globalisation well”, he said.

“Trump is not a good voice for those people.

“I don’t think Brexit is going to help people in Britain,” he added, saying however that globalisation was not solely to blame.

“A lot of people in America and Europe feel that their governments are not representing them very much,”Deaton said.

The academic, who has spent more than 30 years in the United States, won the Nobel Economics Prize last year for his groundbreaking work on poverty.

He was honoured for using household surveys to show how consumers, particularly the poor, decide what to buy, and how policymakers can help them.

Hailed for its eloquent writing and deep research, “The Great Escape” outlined how overall human welfare — especially longevity and prosperity — has risen spectacularly over time, even though the inequality gap between rich and poor has widened.

– ‘Richly rewarded’ –

Times of weak economic growth exacerbate the problem, while the bailing out of banks after the 2008 financial crisis, the worst economic turbulence since the Great Depression, still lingers bitterly in people’s memories, he said.

“If you think about those bailouts that happened in 2008, that was a situation in which the government gave at our expense enormous sums of money to some of the richest people who have ever existed on Earth,” said Deaton.

“And I think that many Americans are very, very angry about that still.”

“Not that they would have liked the whole economy to crash, but they feel these people have misbehaved in one way or another and they were being richly rewarded for it while they got very little or in fact they got unemployment,” he added, pointing to inadequate regulation of financial institutions.

Political fundraising in the US, which Deaton described as “really crazy”, is also to blame, he said, with elected politicians spending around eight hours every day raising money.

“The result, of course, is that they spend most of their time worrying about the interests of the people whose money comes in.”

The European Union is also leaving its citizens feeling disillusioned, he said.

“The European project has become problematic (because it’s) now pushing to the point that people think that their interests are not being taken into account.”

by Antonio Rodriguez
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Peace and Freedom Commentary
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Who are we to doubt the word of Angus Deaton, the 2015 Nobel laureate in economics?
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He says globalization is a really good thing — and Brexit plus the candidacy of Donald Trump are really not so good reactions to globalization poorly executed.
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Angus is a theoretical genius.
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But reality is getting in his way.
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What if the great economic theorist just isn’t looking at the world reality correctly 2016?
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Today’s world — to many — looks like a failed experiment in social engineering and bad government bureaucracy by the elites.
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Can anyone look at Syria, the Middle East, the Islamic State, the resurgence of Putin’s Russia, and the growing aggression and dominance of China in Asia and be comfortably sublime?
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No.
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China’s unlawful annexation of the South China Sea may be a way to get control of one of the world’s largest fisheries — but overfishing is slowly destroying that fishery
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Putin’s annexation of Crimea and part of Ukraine hasn’t made him a lot of friends but it  did give him power, the will to go into Syria, and a place at the global governance table — even though Russia’s economy is a basket case
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Migration has become a problem of proportions not seen since the end of World War II. The world’s inability to deal with the “have nots” seeking to move in with the richer “haves” is bankrupting the UK and may yet destroy Angela Merkel’s government in Germany.
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In the United States, we have no idea how many people live inside our country anymore. But the increasingly smaller work force will have to pay for everyone’s health care and social welfare needs — a problem that looks a lot like the one that sparked Britain’s exit from the European Union.
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We have no doubt that Angus Deaton is an excellent economic theorist. But we are not dealing with theory here and now — we are dealing with nations facing a declining number of workers paying larger tax bills — and a world that seems about to tear itself apart from Aleppo in Syria through Tehran, Iran and all the way to the nuclear weapon-armed North Korea.
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Many citizens of the world are angry — and not because Angus Deaton theories about globalization haven’t come true in the “perfect world” of economic theory.
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People are angry because around the world, governments seem to be struggling — and increasingly unable to solve problems and provide peace, stability and prosperity.
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Our “global leaders” have failed us. But they have gotten rich!
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The “Panama Papers” scandal showed us that even David Cameron had some slippery get rich schemes going. But nothing like the chicanery of Bill and Hillary Clinton or Malaysian PM Najib Razak and 1MDB.
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One of the world’s most recently elected national leaders is Rodrigo Duterte in the Philippines. He has called Pope Francis and Barack Obama both “The Sons of Whores” and ordered the Philippine National Police to shoot and kill drug dealers and others involved in the drug trade.
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He has brushed aside the complaints of those he calls “idiots”  like United Nations Secretary-General Ban Ki-moon and high minded human rights gnomes.
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He believes if he has to play by the rules of Human Rights Watch and Amnesty International his nation will not survive the drug addiction scurge.
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Playing by the rules imposed by the elites is destroying the Philippines in Duterte’s view.
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People in the United States are looking at Hillary Clinton and seeing a person that made $200 million while selling influence in a pay to play scam with her husband at the Clinton Foundation — while transmitting U.S. national secrets through an email system with less security than GMail.
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But The New York Times has dutify slammed Donald Trump and supported Hillary Clinton in such a brazen distortion of unbiased news coverage that even the Washington Post is now attacking the NYT.
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The stark reality is this: Americans are tired of their corrupt government. The FBI and the Justice Department has failed them. The IRS is corrupt. The Obama administration EPA has polluted rivers and gotten into battles with cowboys out west. The Veterans Administration still can’t deliver on its promises. Our GDP and unemployment rate numbers are a mirage because fewer and fewer adult males are at work — but we don’t count them as unemployed. It sure looks like the President of the United States paid ransom to Iran — but like everyone else in his government he won’t tell us the truth.
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The problems of the world — to many —  are well beyond economic hardships. In many areas the failure of our leaders and our governments threatens to destroy global peace and security as we know it.
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Many now believe they could witness a global fight over food if the world continues down its current path.
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Even while the economic theory of globalization looks wonderful — in theory.
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It isn’t that Donald Trump is the best possible person on earth to lead our nation and the world at this moment. The truth is, he has won the primaries by beating all the rest of the Republican Party candidates and now we have to vote for the certain corruption and dishonesty of Hillary Clinton or Gary Johnson who never heard of Aleppo.
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Or we could get behind Donald Trump and help him reform our government and the world. The reality is: this election is important. And Hillary Clinton should be in jail.
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Related:
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Former New York City Mayor Rudy Giuliani ripped into President Barack Obama for attending a baseball game in Cuba yesterday afternoon instead of jumping on his plane and coming home after the Brussels attacks

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One Response to “Nobel Economics Prize Winner Angus Deaton Says We Didn’t Handle Globalization Well — Theory Has Not Turned Into A Happy Reality — Why Donald Trump Will Win The U.S. Election”

  1. daveyone1 Says:

    Reblogged this on World Peace Forum.

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