Geschrieben von hkarner - 5. Dezember 2012
Source: YaleGlobal: Ernesto Zedillo
Many in the world point to the need for mechanisms to monitor and control globalization, particularly after a decade when debt crises in one country spread quickly around the globe. Yet as economic interdependence continues to build, governance is not keeping pace. Ernesto Zedillo is director of the Yale Center for the Study of Globalization, and as YaleGlobal Online marks its 10th anniversary, he reflects on globalization and its governance over the past decade. Developed countries have balked at sharing power with emerging economies. Likewise, nations do not want to disperse their power, and leaders resist pressures from domestic special interests. Attempts to reform international organizations, ensuring fair representation and sound procedures to address pending crises, have failed miserably. If anything, the gap between globalization and governance has only widened. The warning signs are there for numerous global crises that can only be resolved with cooperation. Zedillo urges political leaders to prepare their societies for the governance required to tackle the global crises. – YaleGlobal
Full benefits of globalization can’t be realized if leaders neglect global governance Den Rest des Beitrags lesen »
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Geschrieben von hkarner - 25. Oktober 2012
An essential reflection - one to which only Americans seem to be apt. This also, because the United States have had time and opportunity since 1790 to develop and debug their federal system (Alexander Hamilton). I would wish the European discussion took into consideration the experiences of the US and Switzerland with Federalism.
This is well reflected in a Spiegel article from September 2011
What strikes me: In well functioning federal systems there are obviously transfers (solidarity), but no liabilities by the federal institution for the debts of the single states. This was also the (correct) reason for the “NO BAILOUT CLAUSE” in the Euro foundation, which unfortunately was breached in April 2010 (Greece).
The concept of solidarity can only go well when tightly coupled with the concept of subsidiarity, i.e. every single state takes charge of its own problems and commits to solve them. This requires trust (and control) by the others.(hfk)
Source: Dani Rodrik Project Syndicate
Dani Rodrik is professor of international political economy at Harvard University’s Kennedy School of Government and a leading scholar of globalization and economic development. His most recent book is The Globalization Paradox: Democracy and the Future of the World Economy.
Countries, their political parties on both the left and right, must stop quibbling over outside influences over labor, financing, trade or more. They must decide if they want the good ideas and best practices that come with globalization and integration –or a narrow version of sovereignty. Harvard professor Dani Rodrik, writing for Project Syndicate, points to Europe: “[B]y denying the obvious fact that the eurozone’s viability depends on substantial restraints on sovereignty, Europe’s leaders are misleading their voters, delaying the Europeanization of democratic politics, and raising the political and economic costs of the ultimate reckoning.” The United States demonstrates that market integration, umbrella policies for the common good, agreement on restrictions that provide security and certainty, can be imposed on states and still be subject to accountability. Rodrik concludes that “We cannot have globalization, democracy, and national sovereignty simultaneously.” He urges Europe’s leaders to build “democratic space above the level of the nation-state” or give up the union. Delay in making the choices carries high costs. – YaleGlobal
Nations can’t have it all: globalization, sovereignty and national democracy require some give and take Den Rest des Beitrags lesen »
Veröffentlicht in Artikel, Beiträge von Mitgliedern | Getaggt mit: Europe, Finanzkrise, Globalization, Hamilton, Karner, Project Syndicate, Rodrik, Sovereignty, USA | Leave a Comment »
Geschrieben von hkarner - 22. Oktober 2012
Source: The Washington Post
The next US president faces tremendous economic challenges – with solutions that can only rile US voters. “The globalization model of the past 30 years is cracking up,” writes David M. Smick for the Washington Post. “And there appears to be no new model to replace it.” Despite vigorous national efforts at promotion, global trade is in decline. Trade imbalances, particularly on the agriculture side with the failed Doha Round; currency manipulations by numerous countries; wage demands; and technological advances that decrease the need for labor all challenge national quests for job growth and stability. Financing and credit remain restricted. Author and editor David M. Smick argues that eurozone troubles are at the heart of what he calls deglobalization – pulling back from financial and political engagement. Smick admits that globalization’s benefits have been subject to uneven distribution, but degloblization will reduce jobs, wages, wealth and savings. There are no easy, simple solutions. And that could trigger even greater inequalities. – YaleGlobal
Modern globalization , open trade, is a goose that lays golden eggs, but countries are killing it; eurozone troubles are at the heart of deglobalization
Here’s a prediction: The political party that controls the White House after January could, four years later, be out of power for a generation. The economic challenges are that daunting. Den Rest des Beitrags lesen »
Veröffentlicht in Artikel | Getaggt mit: Europe, Finanzkrise, Globalization, USA, Washington Post | Leave a Comment »
Geschrieben von hkarner - 8. August 2012
Source: THOMAS L. FRIEDMAN, NYT
A big mismatch exists today between how U.S. C.E.O.’s look at the world and how many American politicians and parents look at the world — and it may be preventing us from taking our education challenge as seriously as we must.
For many politicians, “outsourcing” is a four-letter word because it involves jobs leaving “here” and going “there.” But for many C.E.O.’s, outsourcing is over. In today’s seamlessly connected world, there is no “out” and no “in” anymore. There is only the “good,” “better” and “best” places to get work done, and if they don’t tap into the best, most cost-efficient venue wherever that is, their competition will.
For politicians, it’s all about “made in America,” but, for C.E.O.’s, it is increasingly about “made in the world” — a world where more and more products are now imagined everywhere, designed everywhere, manufactured everywhere in global supply chains and sold everywhere. American politicians are still citizens of our states and cities, while C.E.O.’s are increasingly citizens of the world, with mixed loyalties. For politicians, all their customers are here; for C.E.O.’s, 90 percent of their new customers are abroad. The credo of the politician today is: “Why are you not hiring more people here?” The credo of the C.E.O. today is: “You only hire someone — anywhere — if you absolutely have to,” if a smarter machine, robot or computer program is not available. Den Rest des Beitrags lesen »
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Geschrieben von hkarner - 4. Juli 2012
The age of individual nations resolving economic problems on their own has passed. The global economy is synchronized – the struggles of countries like Greece, the US or Egypt are tightly interrelated. Three major concerns face countries in both the developed and developing world, argues Chrystia Freeland, writing for Reuters, and the response to these issues will determine the economic outlook for the 21st century: The first is the place of the nation-state within the global world economy, and the necessity that global currencies work together to ensure integration. Second is the failure of global capitalism to provide jobs and rising income to the middle class, which breeds discontent and political unrest. Finally, when countries achieve middle-class status, women stop having babies, increasing their own personal wealth but causing demographic shifts over the course of generations that drain their societies of labor. Discussions about fertility rates and demographic shifts are infrequent, in particularly how much the factor has contributed to Europe’s current debt struggles. No one country or society is immune to these global challenges, and it’s only by working together that societies and the world can achieve positive outcomes. – YaleGlobal
A global response is required on the challenges of nation-state’s role in the global economy and need for integrated currencies, supply of adequate jobs and adaptation to the shifting demographic rate
Chrystia Freeland Den Rest des Beitrags lesen »
Veröffentlicht in Artikel | Getaggt mit: currency, Demographics, Freeland, Globalization, Nation State, Reuters | Leave a Comment »
Geschrieben von hkarner - 28. Mai 2012
The opening last week in northeastern Spain of a 37-million-euro stretch of motorway to nowhere is an irresistible metaphor for the euro, an ambitious project conceived in better times that is now seemingly running out of road.
With Spain heavily in debt, the authorities could not afford to finish the highway but opened the completed 6 km section near Lleida in any case to deter illegal joy racing.
If only the euro were bringing joy. Maybe the road in Spain will be completed one day, but for now it is one more reminder that much of Europe has been living beyond its means.
On this score, the euro’s woes are largely irrelevant. Europe would have to pull up its socks with or without the single currency. The really big challenges to Europe’s standard of living come from globalization, technological change and ageing populations. Den Rest des Beitrags lesen »
Veröffentlicht in Artikel | Getaggt mit: Euro, Europe, Finanzkrise, Globalization, Hugh, Reuters, Spain, Welfare States | Leave a Comment »
Geschrieben von hkarner - 2. Mai 2012
An essential view. Because of or in spite of Heiner Flssbeck’s role at UNCTAD ? (hfk)
The UN Conference on Trade and Development, UNCTAD, has proved prescient in critiquing the pitfalls of austerity policies championed by the likes of the IMF and the World Bank. The agency advocates development as opposed to finance-led growth as a guiding principle for global economic governance. Austerity measures consolidate wealth, catering to global elites in the face of international crisis and grave inequality. Advocating BRICS-style expansionist economics – via the growth displayed by Brazil, Russia, India, China and South Africa – has proved unpopular with austerity proponents. In an opinion essay for Al-Jazeera, Deborah James of the Center for Economic and Policy Research questions the austerity approach: “European authorities could end the self-imposed crisis tomorrow if they engaged in the same kind of monetary and fiscal expansionary (counter-cyclical) policies that the BRICS undertook.” International organizations, developed nations and national leaders resist recommendations that challenge their authority, too often overlooking a majority will that supports a sustainable social safety net. UNCTAD is bucking trends among global institutions that reinforce concentrated power and widening inequality. – YaleGlobal
UNCTAD challenges IMF and WTO authority on the global economy and support for austerity
Governments from around the world will meet this week to determine the future of global economic governance.
Civil society groups hope that UNCTAD XIII will focus trade on development and public-interest goals [AFP] Den Rest des Beitrags lesen »
Veröffentlicht in Artikel | Getaggt mit: Al-Jazeera, austerity, development, ECB, Euro, Europe, Finanzkrise, Flassbeck, Globalization, IMF, James, Realwirtschaft, UNCTAD, Washington Boys | Leave a Comment »
Geschrieben von hkarner - 4. April 2012
Source: The Financial Times: Philippe Manière
Hostility to globalization is pervasive in France, with many citizens focusing on the downsides, including the shift of jobs overseas, unemployment, immigrants that do not assimilate and changing cultural influences. The pessimism over globalization, an ongoing issue in presidential campaigns, now also extends toward further integration with the rest of Europe. Failure to integrate with fellow Europeans, let alone the world will only deepen French woes. The French must take a clear look at their own policies, argues Philippe Manière for the Financial Times. Germany and the Netherlands are each more globalized and enjoy less unemployment. He urges French politicians to jumpstart education and competitiveness, provide for social mobility and bring equal opportunities to the majority of French people. French voters continue to scapegoat globalization and question EU integration, but they will be even more distraught if their economy fails to keep pace with those of more open European neighbors. – YaleGlobal Den Rest des Beitrags lesen »
Veröffentlicht in Artikel, Books | Getaggt mit: Europe, France, FT, Globalization, Maniere | Leave a Comment »
Geschrieben von hkarner - 20. Februar 2012
Kluger Vorschlag von der absoluten Autorität über Staaten Bankrott (“This
Time is Different”) (hfk)
“It was a grave mistake to bring all the south European states into the euro zone.”
In an interview with SPIEGEL, Harvard economist Kenneth Rogoff, 58, says it was a mistake to bring all the southern European countries into the common currency. He also argues that Greece should be granted a “sabbatical” from the euro and that a United States of Europe may take shape far sooner than many believe.
SPIEGEL: Mr. Rogoff, the eurozone finance ministers are likely to soon provide Greece with new loans totalling €130 billion ($171 billion), with the aim of stabilizing the country for the next few years. Will that save the euro?
Rogoff: It is hardly the final word, even for Greece. The mountain of debt in Greece is simply too big and the country is not competitive. Indeed, it’s going to be very difficult to keep Greece in the euro zone. Den Rest des Beitrags lesen »
Veröffentlicht in Artikel | Getaggt mit: Default, Euro, Europe, Finanzkrise, Globalization, Greece, Rogoff, Spiegel | Leave a Comment »
Geschrieben von hkarner - 2. Februar 2012
Source: FT: GIDEON RACHMAN
If nothing else, Newt Gingrich’s campaign for the US presidency has contributed an excellent new phrase to the language. His coinage – “pious baloney” – kept popping into my head in Davos last week, every time I saw the World Economic Forum’s ubiquitous slogan: “Committed to improving the state of the world”.
Shocking as it may seem, the assorted bankers, businessmen, oligarchs and autocrats who descend on Davos each year are not motivated principally by altruism. And yet Davos this year did feature much agonising about inequality. In a few cases, this may have reflected moral unease. But pragmatism was even more important. Davos is effectively a festival of globalisation for men in suits and snow boots – who now fear that the argument for globalisation may be lost in the west. Den Rest des Beitrags lesen »
Veröffentlicht in Artikel | Getaggt mit: Europe, Finanzkrise, FT, Globalization, Hollande, Obama, USA | Leave a Comment »