More efficient globalisation should be on the agenda of even mainstream economists because it would mainly address common market failures, which are well known from the domestic context. For trade flows, it would imply reducing information asymmetries, rents from monopoly power, and dealing with externalities, e.g. by giving better information to importers. It could also resort to Pigouvian taxes, e.g.
in the case of transportation externalities which damage the environment. 4/9  BIS central bankers' speeches  For financial flows, efficiency requires channelling capital flows into productive uses, rather than fuelling inefficient consumption-led boom-and-bust cycles.