However, backsliding into protectionism, as has been called for by some, would be like traveling back in time. There is no other way to reap the potential gains from globalization but to evolve towards further specialization, innovation and diversification into new areas of comparative advantage.
In this context, let me mention the moribund Doha round, which has even cast doubt on the future of the World Trade Organization (WTO). Although calls for protectionist measures to counter the increasing competition from Asian economies should be taken seriously, I stand on the side of free trade and believe that protectionist pressures need to be firmly resisted.