The greatest threat to globalisation: Protesters or globalisation’s cheerleaders?
He argues that a healthy economic system necessitates a delicate compromise between the national scope of governments and the global nature of markets. Too much of one you have protectionism and of the other you have unstables world economy that hurts those it seeks to help.
He argues that instead of reciprocal market access talks, countries should be negotiating for reciprocal policy space: “I will allow you to protect your national social compact if you allow me to engage in development strategies that conflict with WTO and International Monetary Fund rules of good behaviour.”
He concludes that globalisation rests on delicate social and political pillars. Strengthening these pillars is required more than the push to open markets further.
Read the full article at Financial Times
