And finally, let’s consider for a moment the argument that as China develops, the result will be unemployment in the West. Is that right?

You might just as well argue that a new innovation that enables us to create, say, a new super car that looks like a BMW, drives like a BMW and is as safe as a BMW, but is made of some clever material and only costs £100 to make, is bad news. Of course in the short run the result would be disaster for the auto industry. But drivers would be better off. And eventually new jobs would be created.

To say a new innovation leads to unemployment is to repeat the arguments made by the Luddites. Unemployment may have occurred during the Industrial Revolution, but the long-term result was more wealth for all.

The effect of globalisation is much like the effect of some super new innovation. The world’s potential capacity increases.

Few people argue against innovation. So why do they argue against globalisation?