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By Steven SMITH, Investment Director at Capital Group
Globalisation has been the principal driver of increasing global wealth and has helped lift huge numbers of people out of poverty. While the benefits of shared innovation and productivity improvements are clear, the prospects for further global integration have become less certain over recent years. The global financial crisis was followed by years of weak growth and increasing concerns over inequality. Consequently, we have witnessed a number of manifestations of this discontent: US President Trump’s ‘America First’ agenda, increasing scepticism towards China, the Brexit referendum, and the European Union (EU) pursuing ‘strategic autonomy’ policies.
The manifestations have been not only...
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