That’s the way globalization ends, not with one large headline, but with several changes in the direction of policy, caused by events seemingly unrelated to the policy changes they produce. That’s bad news for those who believe that freer trade and an increase in the international flow of capital — the principal manifestations of globalization — contribute to efficiency, rising incomes and job creation. And they know who to blame — Edward Snowden and Barack Obama.
Neither had a slowing of globalization in mind when they pursued their policies of turning informer on American spying operations (Snowden) and tightening the domestic regulatory screws (Obama). But Snowden reduced the chances of trade-opening deals, and Obama created impediments to an increased flow of capital.
