Has Globalisation gone too far - Or not far enough?

Delivering sustainable economic growth
Posted Sep 07, 2019 | Brookings Institution, Shanta Devarajan

Globalisation elicits much criticism among NGOs and academics because average growth rates hide a huge variation among individual countries. Shanta Devarajan argues in this article for the Brookings Institution that in some countries where the growth impact was weak, the employment effects were even more troubling. These effects became more pronounced 20 years after liberalisation. Africa still has a major infrastructure deficit, so that even if there is trade reform, it remains difficult to ship manufactured goods to ports. The reason trade liberalisation has not fully delivered is that only tradable sectors have been subject to international competition. If this competition can be spread to the nontradable sectors, there will be greater competition in those sectors and bigger gains from trade liberalisation. The problem with globalisation is not that it has gone too far; it’s that it has not gone far enough.


https://www.brookings.edu/blog/future-development/2019/09/03/has-globalization-gone-too-far-or-not-far-enough/

 

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