A global pushback

THIS WEEK'S TOPIC: What would be the impact on business of a growing backlash against globalisation in the major economies? How should policymakers respond?

Victor Mills Chief Executive Singapore International Chamber of Commerce

Isolationism and trade protectionism are populist cancers. If not treated, they threaten to severely weaken international trade which has lifted millions out of poverty in the last 70 years. Countries which take trade protectionist positions try to ignore that the world is more interconnected than ever before. This is unwise and dishonest. Fair and just domestic policies are needed to help mitigate free market inequalities like excessive executive pay. This needs good governance which we are fortunate to have in Singapore. Policymakers elsewhere should put their houses in order first before blaming an interconnected world for their societies' challenges.