The financial crisis and U.S. attitudes to globalization

American attitudes toward globalization are changing under the pressure of the financial crisis.  While 64% of adults thought globalization had been mostly good for the U.S. in 2004, only 58% thought so last July, and only 56% (still a majority) felt that way in September. 

Here's the report on these and other results from polling conducted by the Chicago Council on Global Affairs in July and September: American Attitudes on Economic Policy. 

Almost two-thirds of survey respondents thought that U.S. income and wealth distribution had become less fair.  Of this two-thirds, about 80% thought that globalization and trade had played either an important or somewhat important role in making the distribution less fair.

Americans don't think all impacts of globalization have been bad.   Majorities thought it had been good for consumers like themselves, for American companies, and for their standard of living.  But - as shown in this figure - almost two-thirds thought it had been bad for job security:

Attitudes towards NAFTA have also been changing:

Although, the number who say it is good for job security is also up (from 25% in 2004 to 32% in 2008).

The financial crisis is causing American's to turn inward.  The original survey was done in July, but the Council sponsored a follow up in September, making it possible to follow  some short run opinion changes:

One of the most dramatic findings in the September follow-up poll is the sharp drop in those who see improving America’s standing in the world as a very important foreign policy goal for the United States, down 32 points from 83 to 51 percent. The downward slide between July and September suggests a shift inward—an increasing focus on domestic problems as the economic situation at home worsens. These problems are throwing into question views on globalization, immigration, trade, energy, and China, suggesting a loss of confidence in U.S. economic might. In September, in the midst of the financial crisis, the solutions Americans see as most important to the United States remaining competitive in the global economy are investments at home—investing in renewable energy (71% very important), stabilizing U.S. financial institutions (67%), improving public education (65%), and reducing federal budget deficits (65%)—rather than outwardly focused policies such as encouraging foreign investors to invest in U.S. companies and projects (32% very important), supporting open trade around the world (24%), and continuing high levels of legal immigration (21%)....

But not isolationist:

According to other July 2008 data released on September 22, 2008, as part of The Chicago Council’s report “Troubled by Loss of Standing in the World, Americans Support Major Policy Changes,” this internal focus is not a signal of increasing isolationism. Americans are still committed to alliances, international institutions, overseas military bases, and military interventionism under certain conditions. However, what these results show is that Americans are focusing on how to put their own house in order so the United States can better and more successfully engage with the rest of the world.

The report itself has more details on these issues, as well as on attitudes towards immigration, energy, and China.  The web site doesn't supply summary tables of the responses for the questions, or cross-tabulations.

Comments

[Custom Home Builders Chicago]

Yep, scary times we live in. Hopefully it all gets turned around soon.

[Peter]

Good post.One need not be an expert in finance and economics to make some educated guesses as to what may be the root cause of this Financial Crisis.
http://undiscoveredequities.com/

[Chicago bankruptcy attorney]

Perhaps only at a time of crisis that more fundamental rethinking of the entire economic system can be entertained.

[Lindsay]

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