BIS comes to the defence of globalisation
Increasing trade and financial integration have had “profoundly positive” impact on people’s lives, but do bring drawbacks, too
The Bank for International Settlements (BIS) seeks to defend globalisation from its critics in an early released chapter of the institution’s annual report.
While the BIS recognises increased interlinkages via trade and financial flows do come with “challenges”, it says globalisation has had a “profoundly positive” impact on people’s lives over the past 50 years. “Adjustment costs and financial risks need to be carefully managed, but they do not justify a backlash against globalisation,” the
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