- We're all subsidising environmental destruction (online)
The prevailing opinion among today’s political and economic elites is that economic globalisation is in some sense inevitable. Rather than being inevitable, economic globalisation is, in fact, the result of a number of carefully chosen policies. Paradoxically many of these directly contradict the basic tenets of classical free market economic theory, from which the proponents of economic globalisation draw inspiration and authority. By understanding the key reasons why the global economy behaves as it does today, we will be in a better position to discern the core patterns underlying economic behaviour and to change them. Two key drivers of today’s global economy are externalities and subsidies.