6  BIS central bankers’ speeches  Protectionism In the post-crisis world, there may not actually be “deglobalization” but the earlier orthodoxy that globalization is an unmixed blessing is being increasingly challenged.
The rationale behind globalization was, and hopefully is, that even as advanced countries may see some low end jobs being outsourced, they will still benefit from globalization because for every low end job gone, another high end job – that is more skill intensive, more productive – will be created.