In the 1990s, and up until China joined the World Trade Organization, there was a general 3/5  BIS central bankers' speeches  acceptance that the unchecked globalisation of trade and finance – the Washington consensus – was the best way of creating prosperity. Any remaining reservations on the subject were abandoned.
Economists and politicians gave it their blessing and, in developed economies, made an incorrect diagnosis that went along the following lines: it’s no problem, for sure technological progress and globalisation will destroy low-skilled jobs, but we will still have an advantage, because we’re going to invest in R&D and education, and the goods and services we produce will be of better quality and we will sell them to less advanced economies.