But in the face of competition, policy-makers have heard calls to shield businesses or sectors from market forces. And in some cases, we have seen policies that try to prevent market-based economic adjustments, restrict foreign ownership in certain sectors, or restrict capital flows. These policies may have short-term appeal, but, in the long run, they are counterproductive.
Instead, governments need to adopt the right policies - those that will encourage free and open markets and facilitate market-based economic adjustments. Indeed, the strong growth seen in Canada and Chile is clear evidence of the benefits that come from opening our economies to global competition.