Restoring Faith in Globalization
Attacks on globalization do not follow from past economic performance or current facts. World leaders should not be shy about defending a process that has delivered more prosperity to more people than anyone could have dreamed of just a few decades ago.
MUNICH – I must confess that I am a firm believer in the benefits of globalization. To my mind, the gradual interlinking of regions, countries, and people is the most profoundly positive development of our time.
But a populist has now assumed the United States presidency by campaigning on a platform of stark economic nationalism and protectionism. And in many countries, public discourse is dominated by talk of globalization’s alleged “losers,” and the perceived need for new policies to stem the rise of populist discontent.
When I was born, the world’s population was 2.5 billion. I vividly recall a time in my life when many people feared that starvation would soon run rampant, gaps between the rich and poor would grow ever wider, and everything would eventually come crashing down.