Countries shown further to the left in the figure had more accommodative monetary policies over the period, relative to the predictions of the Taylor rule.
The idea is not to fight globalization but to manage it to the country’s best advantage. Mahatma Gandhi said [and I quote], “I do not want my house to be walled in on all sides, and my windows to be stuffed. I want the cultures of all the lands to be blown about my house as freely as possible.