by Matt Walsh
MELBOURNE, Dec. 9 (Xinhua) -- Leading free-trade nations such as China and Australia should continue to push for globalization in the face of "increasing protectionism," respected Australian economist Ross Garnaut told Xinhua of Friday.
As discontent with a globalizing world continues to spread through the world, Garnaut, a leading economist from the Australian National University (ANU), said lawmakers need to convince the "everyday citizen" of the benefits of globalization, or risk future free trade deals and global development.
"We are already in a period of increasing protectionism," which is "unambiguously bad for global development and the prosperity of each of the world's economies," he said.
"Protectionism anywhere hurts everyone. China's best response is to keep its own markets open and enjoy for itself as many of the benefits of open trade as it can.
"The main losers from protection are the countries which impose it."
Referring to the plans by United States President-elect Donald Trump to tear up the Trans-Pacific Partnership (TPP) free trade deal once he assumes office, Garnaut said it was important for lawmakers in nations trying to take advantage of free trade to be frank and open about the benefits of globalization, as many middle class consumers are of the belief that a globalized world benefits only the rich, and not the "everyday citizen."
Read the full story at Xinhua