UK IT industry will lose out in era of 'deglobalisation'

Britain's technology industry stands to lose out in the aftermath of the financial crisis as countries reject globalisation to help get their economies...

This Article Covers

Outsourcing

Britain's technology industry stands to lose out in the aftermath of the financial crisis as countries reject globalisation to help get their economies back on their feet.

Economist Will Hutton told a meeting of Pitcom, the Parliamentary IT Committee, that Britain's IT industry has been a "major beneficiary" of globalisation and stands to lose out as countries look inwards to counter the recession.

Globalisation has been driven by technology, he said, with the financial markets a prime example of how IT has enabled continuous trading and greater complexity.

The collapse of some of these global banks could cause a "backlash against globalisation", Hutton said.

"I am worried that some of the assumptions we made in the lead-up to 2007, such as that globalisation is inevitable, are being eroded by the credit crunch. As we speak today, in 2009, it has been stopped in its tracks."

The economic bail-out packages offered by national governments have represented a reassertion of economic sovereignty, Hutton said.

"National governments are under pressure to give preference to their own people. World trade is forecast to decline this year for the first time since 1945, by 9%. People are talking about 'deglobalisation'."

CW+

Features

Enjoy the benefits of CW+ membership, learn more and join.

Read more on IT outsourcing

0 comments

Oldest 

Forgot Password?

No problem! Submit your e-mail address below. We'll send you an email containing your password.

Your password has been sent to:

-ADS BY GOOGLE

SearchCIO

SearchSecurity

  • Dissecting the Hack

    In this excerpt from chapter three of Dissecting the Hack: The V3RB0TEN Network, authors Jayson E. Street, Kristin Sims and Brian...

  • Digital Identity Management

    In this excerpt of Digital Identity Management, authors Maryline Laurent and Samia Bousefrane discuss principles of biometrics ...

  • Becoming a Global Chief Security Executive Officer

    In this excerpt of Becoming a Global Chief Security Executive Officer: A How to Guide for Next Generation Security Leaders, ...

SearchNetworking

SearchDataCenter

SearchDataManagement

Close