What is a golden straitjacket?

Answer 1

A "golden straitjacket" is a metaphor coined by Thomas Friedman in his book "The Lexus and the Olive Tree" to describe the constraints imposed by globalization on national economies and governments. It refers to the idea that countries must adopt free-market policies and practices to succeed in a globalized world, which can limit their ability to pursue independent economic strategies. While these policies may lead to economic growth and integration, they can also restrict national sovereignty and social welfare options. Ultimately, nations are "strapped in" by the necessity to conform to global economic standards.