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.