Dr Antonio de Lecea, EU Fellow at the Lee Kuan Yew School of Public Policy recently published an article in the OMFIF bulletin (www.omfif.org) dissecting the two narratives of globalization in the East and West. The prevalent view in the West now is to blame globalization for the loss of jobs and perceived loss of control. The other narrative often heard in Asia is to point to poor domestic policy-making and political short-termism as the chief cause of discontent, and calls for political leadership to communicate more effectively the benefits of globalization and reaffirm the need for further globalization. Both narratives according to Dr de Lecea are incomplete. He argued that globalization can offer benefits to all countries, as long as it is accompanied by principles that ensure all participants follow the same rules.
The G20 leaders reached a consensus in Hangzhou on a blueprint to continue the pursuit of globalization while correcting its unintended distortions and distributional effects. This year, under the German presidency, the G20 leaders should give meaning to this consensus towards building inclusive, innovative growth between open markets by leveraging on existing ventures such as the European Commission Investment Plan for Europe and the Chinese-led Belt and Road initiative.
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