Discussions about globalisation in the West and in Asia often employ two different narratives about the causes of economic distortions and associated policy conclusions.
A new contrast appears to be opening up, accentuated by President Donald Trump’s espousal of the view that ‘protection will lead to great prosperity and strength’. Asian supporters of globalisation call for political leadership to communicate the benefits effectively, and pursue globalisation further. If the West is now reluctant, the East is prepared to take over that role.
Loss of jobs and control
One version of economic and political developments, rather prevalent in the West, blames globalisation for the loss of jobs and perceived loss of control over industry. Leave campaigners in Britain’s European Union referendum argued that the EU, which could be considered the most advanced example of globalisation, had pushed integration too far. Their conclusion was that globalisation must be stalled, or at least partly unwound, to regain control.
Antonio de Lecea is European Union Visiting Fellow at the National University of Singapore’s Lee Kuan Yew School of Public Policy.
This article was first published on OMFIF on 14th February 2017.