Published on 12 October 2017
International Monetary Fund (IMF) Director Christine Lagarde called on global leaders to embrace global trade amid a populist, protectionist backlash in the US and UK that has prompted resets on global trade agreements, according to the South China Morning Post.
Although Lagarde conceded that globalisation can cause “negative side-effects” including job losses, wage reductions, and increasing inequality, she thinks that, “The best policy response to all these challenges is not to turn our back on trade. Instead, we need to redouble our efforts to create a more inclusive global trading system that works for all.”
Lagarde added that as a result of globalisation, “Living standards have been boosted in all countries, including in advanced economies, where consumers and businesses are benefiting from lower prices and a greater variety of goods.”
Read the original story here.