Global cooperation can make a difference

Globalization was hailed as being the path toward greater shared prosperity. Things, however, started to change at the turn of this century, and the trend of anti-globalization has been gaining momentum.

There has been a growing wave of anti-globalization, anti-elitism, anti-establishment and the reemergence of populist politics in many countries. Brexit was a blunt rejection of Europe by those in Britain who complained about the influx of foreigners and the lack of jobs. A similar story can be seen across the Atlantic with the rise of US Republican presidential candidate Donald Trump, who has clearly won the support of those who complain about job losses, the influx of foreigners and the country's waning competitiveness.

And most of the world's major economies, notably advanced ones, are resorting to protectionist measures as the global economic slowdown bites harder. The WTO Doha round of negotiations has long been at an impasse. Both presidential candidates in the United States are promising what would be tantamount to a US exit from the global trading system.