Fixing Globalisation: Time to Make it Work for All
Recent years have seen a remarkable backlash against globalisation. The costs of increased
openness and connectivity – including the consequences of trade and investment liberalisation
– are weighted as never before against the benefits, with many voices advocating a
slowdown or even a reversal of the global integration that has characterised the past
three decades. While there are many economic, social and political reasons for this
backlash, there is sufficient evidence showing that globalisation is leaving many
people behind, particularly in the lower half of the income distribution, and especially
in advanced countries. This backlash suggests that we need to act quickly to fix globalisation
and make sure that its benefits are more equally shared. The consequences of a potential
reversal of global integration could be dramatic: increased protectionism resulting
in a net loss of wealth and opportunities and dangerous inward-looking policies that
would put at risk many of the benefits achieved in the past decades.
Published on April 27, 2017Also available in: French