Can we make globalisation work?
Three development economists, from Ecuador, India and Morocco were discussing what globalisation means to them. They were mainly talking about the rise of anti-globalist populist tendencies in developed economies. They agreed that the world is experiencing a backlash against globalisation reflected in the electoral success of parties appealing to nationalistic sentiments using fear and misunderstanding to support protectionism. Each was asked: “What does globalisation mean to you?”
The broad lesson they report is that openness in trade and information, while not always politically expedient, has benefits for ordinary citizens. This is true across countries and cultural regions, but also across levels of development (e.g. the US is currently experiencing a protectionist revival, but they too could do with more openness – so it’s really not a developing country problem.