Globalization: Preserving the Benefits

Facing mounting criticism around the world, proponents of globalization have risen to its defense. IMF First Deputy Managing Director Anne Krueger argues for a renewed commitment to the principles of free trade that have fueled the last half-century’s ever-increasing economic expansion. Though she accepts the frequently valid misgivings of globalization’s critics, Krueger claims that its shortcomings pale in comparison to its benefits. She cites declines in world poverty, infant mortality, and illiteracy among a number of indicators as emblematic of globalization’s invaluable achievements. The IMF, according to Krueger, plays a vital role in underpinning an economic system that all governments must work to sustain. As she advises, “Preserving the multilateral trading system, and dismantling trade barriers, must remain at the forefront of economic policy if the gains from globalization are to be preserved.” – YaleGlobal.