Alan Greenspan Deplores Attacks On Globalisation

Washington: | Updated: Jan 29 2004, 05:30am hrs
Amid increasing calls for protection of American industries and banning outsourcing of IT services to countries like India, China and Brazil, chairman of the US Federal Reserve Alan Greenspan has asserted that globalisation eventually benefits all and any impediments to it would exact a heavy price. I do not doubt that the vast majority of us would prefer to work in an environment that was less stressful and less competitive than the one with which we currently engage, he said in an address to the British Treasurys enterprise conference in London.

He warned that the consequences of moving towards protectionism in globalised financial world could be unexpectedly destabilising.