TIL Desk/Business/UN/ Protectionism does not really help preserve jobs and offers little defence against the job-destroying effects of automation and Artificial Intelligence, Former Reserve Bank of India Governor Raghuram Rajan has said, asserting that industrial and developing nations cannot afford to ignore the democratic reaction from those left behind by globalisation and technological change.
Delivering the keynote address at the 2019 ECOSOC Forum on Financing for Development at the UN Headquarters on Monday, Rajan said the open liberal democratic market system that brought the world enormous prosperity in the six decades or so after the second World War is now under attack.
Interestingly the critics are not the usual radical academics or leftist leaders, instead they come from some of the most prosperous nations in the world. These are nations that have benefited tremendously from the open world order, he said.
