Premature to take globalisation for granted

Tokyo

ARE we approaching the end of multilateralism or globalism even before it has had time to mature? It is tempting to think so from the increasing evidence suggesting that progress towards this ideal by certain sectors of the international community may be going into reverse. The trend away from concerted aims and action was observable at the recent summit of financial leaders from G-7 advanced nations when government ministers openly espoused the cause of economic nationalism. "Do what is in your own interests and that will best serve the common good," they argued in effect.

But this was only part of a much larger phenomenon whose nature and dimensions were well captured in a speech last week by David Lipton, first deputy managing director…