One more quote from Bhagwati
A weekend for posts, I guess. I’ve just finished In Defense of Globalization, and can now feel free to turn to Wealth of Networks, but before I do, one last quote on the dangers of interdependence from this otherwise strong advocate of globalization:
…a “selfish hegemon” such as the United States, reflecting its own lobbies’ agendas, pushed for a common, coordinated policy of excessive intellectual property protection at the WTO. In short, a socially harmful policy may be imposed, under the pretext of coordination…, by powerful nations in an interdependent world. It is useful to remember that interdependence is a normatively attractive, soothing word, but when nations are unequal, it also leads to dependence and hence to the possibilities of perverse policy interventions and aggressively imposed coordination of policies with outcomes that harm the social good and the welfare of the dependant nations while advancing the interests of the powerful nations.