Purpose Inspired: by Wayne Visser

S1.E22: Sustainable Economics - Part 7: Trade

June 07, 2019 Wayne Visser Season 1 Episode 22
Purpose Inspired: by Wayne Visser
S1.E22: Sustainable Economics - Part 7: Trade
Show Notes

In the present era of globalisation, it is sacrilege to criticise unrestricted free trade when in the company of the pride. Somehow, questioning free trade is equated with being anti-democratic, pro-communist and an all-round sour-grapes loser. And yet evidence of the negative impacts of free trade on vulnerable communities, small economies and fragile environments is precisely why sustainability thinkers do question deregulated free trade. The critics of globalisation cite various reasons for their discontent. The prime argument is that such an environment leads companies to seek out investment destinations with the least number of obstacles to profit-making. The end-result is what US ecological economist and author Herman Daly calls ‘standards lowering competition’ and others have called ‘the race to the bottom’. Those wishing to shapeshift global trade towards something more sustainable have led the charge with a counter-movement of fair trade.