People in key advanced economies, including the US, Japan and Germany, have become deeply sceptical about important elements of globalisation even as their governments push for further liberalisation, according to an international poll.
Half of all US respondents said trade destroyed jobs at home, with only one in five saying it created jobs, according to the global survey released on Tuesday by the Washington-based Pew Research Center. In Germany, almost 90 per cent said they believed the purchase of domestic businesses by foreign companies had a “bad” impact on the economy, a view shared by three-quarters of Japanese respondents and two-thirds in the US.
Their views contrast sharply with those in leading emerging economies such as China, where respondents expressed largely positive views on trade and foreign direct investment. They also highlight the resentment felt by some in advanced economies after two decades of what some have called “hyperglobalisation” that has seen the economic rise of China and other emerging economies.