Globalization is the free flow of trade, people, money, ideas and technology across national borders and regions. Despite its economic benefits, globalization has come under pressure from those who say that some nations jeopardize opportunity for citizens at home with liberalized immigration policies. Can populist outcries result in Deglobalization?
In a new Reuters Plus video, Western Union Global Money Transfer President, Odilon Almeida shares his insights on this economic divide.
“We pride ourselves in moving much more than money. Western Union connects people,” he said. “Our company’s core business naturally brings people together. It stimulates economies around the world; allowing individuals and businesses to prosper.”
According to Almeida, advances in technology create a strong demand for highly educated workers. Also, countries with aging populations require immigration to foster economic growth. Therefore, there is a strong demand for young and skilled talent. Naturally, countries with young population tend to become the providers of this labor force.
“Our answer is immigration based on policies that work – like those in Canada and Australia. Smart immigration policies benefit host nations and local population, as well as immigrants and their families,” Almeida said.
Instead of stopping the forces of globalization, Almeida advocates that countries and governments should focus their efforts on shaping it, by organizing the opportunities that globalization creates, and ensuring its benefits are shared by all levels of society. These important opportunities have been missed in past decades.
People flows will continue to shape the global marketplace by filling these gaps, along with the cross-border money transfers this workforce relies on.
With a global footprint across 200 countries and territories and an increasing digital presence, Western Union is well positioned to shape the industry. Our cross-border capabilities are driven by the nexus of technology and innovation, where digital and physical business meet.
“We believe globalization creates more winners than losers,” Almeida said.
