Publishing her long-awaited white paper on globalisation, Ms Short announced a crackdown on money laundering, more cash to fight polio, and a new facility to help Africa attract investment, and promised to work hard to tear down trade barriers. Globalisation allows financial and investment markets to operate internationally, but requires a substantial degree of deregulation.
Globalisation brings with it opportunities and risks.
Accusing anti-capitalists of having a negative agenda, Ms Short said that dismantling international organisations such as the International Monetary Fund, World Bank and World Trade Organisation would unleash a tide of protectionism. The government's white paper was published a year after the collapse of trade liberalisation talks in Seattle where violent protests marked the beginning of a backlash against globalisation. Protests have followed at meetings in Washington, Prague and last weekend's EU summit in Nice. There are no detailed proposals on how Clare Short plans to reform multilateral organisations such as the UN and the EU, which continue to under-perform.