Meaning: The quote by Paul Samuelson, a renowned economist, touches upon the essential link between globalization and sustained economic growth. Globalization refers to the interconnectedness and interdependence of economies, cultures, and societies across the world. It involves the exchange of goods, services, technology, and ideas on a global scale. Samuelson's quote underscores the premise that for globalization to be effective and beneficial, it must be underpinned by continuous economic growth. In the absence of such growth, the benefits of globalization diminish, and its political backing wanes.

Sustained economic growth is crucial for the success of globalization. When economies are expanding, there is increased production, higher employment, rising incomes, and improved living standards. These factors contribute to the overall prosperity of nations and enable them to participate more actively in global trade and commerce. As a result, globalization thrives on the back of robust economic growth, as it facilitates the movement of goods, services, and capital across borders, leading to increased efficiency and competitiveness in the global marketplace.

Furthermore, sustained economic growth is essential for garnering political support for globalization. Governments and policymakers are more likely to endorse and promote global integration when they can demonstrate tangible benefits to their constituents. The ability to showcase economic gains, job creation, and enhanced opportunities through globalization fosters public and political backing. However, when economic growth falters, the perceived benefits of globalization diminish, leading to skepticism and resistance from both the public and political spheres.

Samuelson's quote also highlights the potential pitfalls of globalization in the absence of sustained economic growth. If economic expansion stagnates or declines, the interconnectedness of global economies can exacerbate the negative effects. Economic downturns in one region can quickly reverberate across the world, leading to market volatility, trade imbalances, and financial instability. In such circumstances, the very interconnectedness that defines globalization can magnify the adverse impacts of economic downturns, thereby undermining the process itself.

It is important to recognize that the relationship between globalization and economic growth is complex and multifaceted. While globalization can contribute to economic growth through increased trade, investment, and technological diffusion, it can also pose challenges to certain industries and labor markets. Moreover, the benefits of economic growth resulting from globalization are not always distributed equitably, leading to disparities within and between nations.

In conclusion, Paul Samuelson's quote encapsulates the symbiotic relationship between globalization and sustained economic growth. It underscores the indispensable role of economic expansion in driving the benefits of globalization and garnering the necessary political support. However, it also serves as a cautionary reminder of the potential risks and challenges that arise when economic growth falters within the context of global interconnectedness. Understanding and managing this relationship is vital for policymakers, economists, and global citizens as they navigate the complexities of an increasingly interconnected world.