International regulations needed to moderate ‘savage globalization,’ says Vatican newspaper editor
January 26, 2018
Reflecting on President Donald Trump’s decision to raise tariffs on foreign-made solar panels, L’Osservatore Romano’s deputy editor called for international regulations to address the impoverishment associated with “savage globalization.”
Giuseppe Fiorentino said in a front-page op-ed piece that protectionist policies can protect domestic jobs but ultimately cannot prevent companies from relocating to countries with more advantageous fiscal policies.
Contemporary globalization, wrote Fiorentino, is associated with a widening income gap between shareholders and corporate leaders (on the one hand) and workers, especially women (on the other hand). The long-term good of the environment, he added, is being sacrificed for immediate profit, and the world’s poorest people suffer most from environmental damage.
“Only shared regulations can offer an adequate response to the distortions of globalization and guarantee greater justice,” Fiorentino concluded.
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