Globalisation’s critics say it benefits only the elite. In fact, a less open world would hurt the poor most of all. The backlash against trade is just one symptom of a pervasive anxiety about the effects of open economies. Britain’s Brexit vote reflected concerns about the impact of unfettered migration on public services, jobs and culture. Big businesses are slammed for using foreign boltholes to dodge taxes. Such critiques contain some truth: more must be done to help those who lose out from openness. But there is a world of difference between improving globalisation and reversing it. The idea that globalisation is a scam that benefits only corporations and the rich could scarcely be more wrong.