Globalization and the need for pension reform

A leading academic makes a connection between social security and open economies.

A recent talk brought home the importance of developing pension systems in Asia, and of getting them right.

Joseph Nye is the dean of the Kennedy school of government at Harvard University and a former assistant secretary of defense. To anyone who studied international politics at an American university, his name is certain to grace several of your old textbooks. That renown attracted a large audience to a talk he gave this week to the Asia Society in Hong Kong on globalization and its discontents.

He pointed out that globalization is not irreversible. In many aspects, the world economy was more interdependent before the First World War than the half-century that followed. Once...

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