identify ine bright side of globalisation
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The Bright Side of Globalization
The IMF’s David Lipton said developed countries need to make the case to their citizens that globalization brings opportunities.
May 25, 2016 11:21 am ET | WSJ PRO
May 24, 2016
David Lipton, the International Monetary Fund’s first deputy managing director, said developed countries need to make the case to their citizens that globalization brings opportunities. Many people in developed countries see job losses to countries where wages are lower, and fear immigration is hurting their living standard, he said in a speech at the Peterson Institute for International Economics. “Too few see clearly the pay-offs—poverty reduction, the innovation that comes from shared ideas, higher living standards from greater access to trade, and higher returns to the wealthy world from investment partnerships with developing countries,” Mr. Lipton said. He called on leaders in developed countries to “do more to make the case for globalization and interconnectedness,” and also better manage “the spillovers and volatility that create setbacks and disillusionment.” Mr. Lipton traced his early years at the IMF, including work in Poland during the communist East Bloc collapse and his time at the U.S. Treasury. “Global reality bites,” he said; “we learned that even countries with successful policies and access to foreign finance can develop vulnerabilities,” and that “global financial markets could focus on those vulnerabilities, move as a herd, and generate a reversal of capital flows.” But while “the future of globalization has darkened” since the global financial crisis, he urged his audience to consider that China remains the biggest single contributor to global growth and to imagine economies including Vietnam, Bangladesh and the Philippines together becoming a new growth engine.
--Lisa Beilfuss
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Globalization helps many countries in their development and also in the market economy. We are able to reap the benefits of advances in technology anywhere in the world. Also consumers get goods at cheaper rate and have a choice.
This are the notable bright sides of globalization