imism." As important is the messages that it sent. . "The election wasn't just anti- austerity. It was also anti-German," says David Smick, editor of the International Economy magazine. Italian voters rejected both Europe's main response to high government debt — cut spending, raise taxes — and a major rebuke to German Ch

. Likewise, erratic capital flows have triggered past financial crises. Slower flows may promote stability. Not everyone is so optimistic. Smick of the International Economy sees globalization as "the proverbial goose that laid the golden eggs." The search for larger markets and lower costs drove investment, trade, econ