Those negatively affected by globalization, those who are losing their jobs, and losing their skills, people out of training, must be looked after. Governments must establish policies, and governments and companies must actually address that issue, so that those who lose out from globalization can be retrained, recycled, re-established, cared for.
We draw many benefits from globalization that people take for granted. Poverty has been reduced massively around the world. If you look at the Chinese numbers, it is quite mind-boggling: 700 million people taken out of poverty in a matter of 40 years, the poverty rate having moved from over 30 per cent from hardly six per cent now. That would not have happened if there had not been globalization.
Consumption has massively benefited from globalization.
People can buy the kind of things they consider as normal and take for granted because of globalization and trade and use of supply chains and the reduction of the cost base of the manufacturing of some products.
We would not be enjoying those cellphones and those tablets at the price where they are had it not been for globalization, both in terms of trade and in terms of constant technological innovation.
Improved productivity is another direct benefit of globalization.
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