Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Globalization’

Globalization Is Not in Retreat

Posted by hkarner - 28. April 2018

Quite essential! (hfk)

Date: 28-04-2018
Source: Foreign Affairs By Susan Lund and Laura Tyson
Digital Technology and the Future of Trade

By many standard measures, globalization is in retreat. The 2008 financial crisis and the ensuing recession brought an end to three decades of rapid growth in the trade of goods and services. Cross-border financial flows have fallen by two-thirds. In many countries that have traditionally championed globalization, including the United States and the United Kingdom, the political conversation about trade has shifted from a focus on economic benefits to concerns about job loss, dislocation, deindustrialization, and inequality. A once solid consensus that trade is a win-win proposition has given way to zero-sum thinking and calls for higher barriers. Since November 2008, according to the research group Global Trade Alert, the G-20 countries have implemented more than 6,600 protectionist measures.

But that’s only part of the story. Even as its detractors erect new impediments and walk away from free-trade agreements, globalization is in fact continuing its forward march—but along new paths. In its previous incarnation, it was trade-based and Western-led. Today, globalization is being driven by digital technology and is increasingly led by China and other emerging economies. While trade predicated on global supply chains that take advantage of cheap labor is slowing, new digital technologies mean that more actors can participate in cross-border transactions than ever before, from small businesses to multinational corporations. And economic leadership is shifting east and south, as the United States turns inward and the EU and the United Kingdom negotiate a divorce. Den Rest des Beitrags lesen »


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The Santander experiment

Posted by hkarner - 25. Februar 2018

Date: 22-02-2018
Source: The Economist: Schumpeter

Europe’s banking champion took a unique approach to globalisation. Has it been vindicated?

TAKING a business onto the global stage is hard. Doing it with banks can be suicidal owing to their complexity and leverage. For over 100 years an assortment of adventurers and visionaries have almost always tried one of two approaches. Either they spread firms thinly over scores of countries and focus on servicing big companies and facilitating trade. This is the way of Citigroup and HSBC, and the path that China’s big lenders are racing down. Or they focus on investment banking from hubs; think of JPMorgan Chase or Deutsche Bank in New York, Hong Kong and London. Both blueprints have often resulted in buckets of tears.

In the 1990s a “third way” emerged from provincial Spain; creating a global retail bank with a deep presence in many countries, allowing true economies of scale. The pioneer was Santander, a middle-weight bank from the Bay of Biscay. Today it is the king of the euro zone: the bloc’s largest lender by market value, with 133m clients, mainly in Brazil, Britain, Mexico and Spain. Its lofty position in Europe’s league table demonstrates that its approach has, on balance, worked. Den Rest des Beitrags lesen »

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Trump at Davos: In the Den of Globalism

Posted by hkarner - 25. Januar 2018

Date: 24-01-2018
Source: The Wall Street Journal

It’s unclear whether the president is making the trip to praise Davos, or to bury it

President Trump says he is going to Davos in part to be ‘a cheerleader’ for the U.S.

WASHINGTON—No U.S. president has done more to rattle the “Davos Men” of the World Economic Forum than Donald Trump with his “America First” agenda. Yet no American leader has done more to embrace the annual globalist party either: Mr. Trump plans not only to join this year’s gathering, but to bring 15 top aides with him, including half his cabinet.

“President Trump is the ultimate gate crasher, and…there are few global gates as worth crashing,” says Frederick Kempe, a Davos regular and president of the Atlantic Council, a think tank based in Washington, D.C. “He must see this as bestowing upon him global acceptability,” Mr. Kempe says.

The dramatic tension hanging over the glitzy Swiss ski resort this week revolves around whether the unabashed American nationalist is coming to bury Davos or to praise it. Den Rest des Beitrags lesen »

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Davos Leader Sees Progress in Trump’s First Year

Posted by hkarner - 11. Januar 2018

Is he so positive because Trump is attending??? He ruins the credibility of the WEF! (hfk)

Date: 10-01-2018
Source: The Wall Street Journal

Klaus Schwab tells WSJ Editor in Chief Gerard Baker fears of confrontation haven’t come to pass

Prof. Klaus Schwab, who heads the World Economic Forum in Davos, Switzerland, spoke with The Wall Street Journal’s Editor in Chief Gerard Baker.

President Donald Trump has had a rough first year in office but has made important diplomatic progress with China and other key countries toward resolving some of the biggest sources of international tension, according to the head of the World Economic Forum.

In an interview ahead of the 48th annual meeting of the gathering of world leaders in politics, business, culture and the arts in Davos, Switzerland, Professor Klaus Schwab  expressed concern that the U.S. president had upended many of the norms of international relations in his first year in office but noted that fears of greater global tension had not been realized. Den Rest des Beitrags lesen »

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Globalisation may soon accelerate again – time to get domestic policies right

Posted by hkarner - 20. Dezember 2017

Professor of International Economics, Graduate Institute, Geneva; President of CEPR; Vox Editor-in-Chief

Managing Director of the Research Institute of the Finnish Economy (ETLA)

Richard Baldwin, Vesa Vihriälä 19 December 2017, voxeu

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The Globalization of Our Discontent

Posted by hkarner - 6. Dezember 2017

Joseph E. Stiglitz, recipient of the Nobel Memorial Prize in Economic Sciences in 2001 and the John Bates Clark Medal in 1979, is University Professor at Columbia University, Co-Chair of the High-Level Expert Group on the Measurement of Economic Performance and Social Progress at the OECD, and Chief Economist of the Roosevelt Institute. A former senior vice president and chief economist of the World Bank and chair of the US president’s Council of Economic Advisers under Bill Clinton, in 2000 he founded the Initiative for Policy Dialogue, a think tank on international development based at Columbia University. His most recent book is Globalization and Its Discontents Revisited: Anti-Globalization in the Era of Trump

Globalization, which was supposed to benefit developed and developing countries alike, is now reviled almost everywhere, as the political backlash in Europe and the US in recent years has shown. The challenge is to minimize the risk that the backlash will intensify, and that starts by understanding – and avoiding – past mistakes.

NEW YORK – Fifteen years ago, I published Globalization and Its Discontents, a book that sought to explain why there was so much dissatisfaction with globalization within the developing countries. Quite simply, many believed that the system was “rigged” against them, and global trade agreements were singled out for being particularly unfair.

Now discontent with globalization has fueled a wave of populism in the United States and other advanced economies, led by politicians who claim that the system is unfair to their countries. In the US, President Donald Trump insists that America’s trade negotiators were snookered by those from Mexico and China. Den Rest des Beitrags lesen »

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Left in the lurch: Globalisation has marginalised many regions in the rich world

Posted by hkarner - 21. Oktober 2017

Date: 19-10-2017
Source: The Economist

What can be done to help them?

EVEN before the disaster, Scranton had been having a poor century. In 1902 the Lackawanna Steel Company left north-east Pennsylvania in search of better access to transport and a less assertive labour force. The area still had coal, and enough spark to start new industries: in the 1920s a local button-maker became the country’s leading presser of 78rpm records. But after the second world war demand for coal fell. Then, in 1959, miners working coal seams broke through the bed of the Susquehanna river, which flowed into the caverns below like bathwater swirling down a plughole. The mines never recovered.

The damage is in plain sight. The valley through which the Susquehanna runs is lined with shuttered factories. The city of Scranton faced near-bankruptcy in 2012. Yet despite almost a century of economic blows, more than half a million people remain in the area. It is a similar story in a host of other once-proud parts of the industrialised world. They have not found ways to thrive in a digitised, globalised economy. But they have not disappeared. Den Rest des Beitrags lesen »

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Germany’s Economic Road Ahead

Posted by hkarner - 26. September 2017

Clemens Fuest is President of the Ifo Institute and Professor of Economics at the University of Munich.

The next German government will have a chance to lay the groundwork for the country’s future prosperity. But if policymakers are to make the most of the opportunity, they will have to act neither rashly nor reticently.
MUNICH – The next German government will face economic-policy challenges in five key areas: digitalization and automation, demographic change, globalization, climate change, and European integration. 

With respect to digitalization, Germany tends to fluctuate between excessive enthusiasm for expanding fiber-optic networks and fear of the impact of new, largely unregulated business models, such as those underpinning avatars of the “sharing economy” like Uber and Airbnb.

But German policymakers must not respond to such sentiments with kneejerk reactions. Rolling out a nationwide fiber-optic network, rather than simply servicing the locales that are most in need, would be both expensive and inefficient. And politicians should focus their regulatory efforts on ensuring that sensible digital business models and private investment are not obstructed. Den Rest des Beitrags lesen »

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BIS Says Globalization Is Answer to Inflation Puzzle

Posted by hkarner - 24. September 2017

Date: 23-09-2017
Source: The Wall Street Journal

Bank’s chief economist says research has implications for central-bank policy

The Yangshan deep-water port in Shanghai, China. Globalization is the most likely explanation for surprisingly low rates of inflation, suggesting that central banks should be patient in seeking to meet their targets and avoid providing too much stimulus, according to the BIS.

Globalization is the most likely explanation for surprisingly low rates of inflation, suggesting that central banks should be patient in seeking to meet their targets and avoid providing too much stimulus, a senior official at the Bank for International Settlements said Friday. Den Rest des Beitrags lesen »

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The Future of the Global Economy

Posted by hkarner - 12. September 2017

September 10, 2017

– Benjamin Disraeli, prime minister of England, novelist

In any bureaucracy, the people devoted to the benefit of the bureaucracy itself always get in control, and those dedicated to the goals the bureaucracy is supposed to accomplish have less and less influence, and sometimes are eliminated entirely…. In any bureaucratic organization there will be two kinds of people: those who work to further the actual goals of the organization, and those who work for the organization itself. Examples in education would be teachers who work and sacrifice to teach children, vs. union representatives who work to protect any teacher including the most incompetent. The Iron Law states that in all cases, the second type of person will always gain control of the organization, and will always write the rules under which the organization functions. [Pournelle’s law of Bureaucracy]

– Jerry Pournelle, prolific science-fiction writer, August 7, 1933 – September 8, 2017 Den Rest des Beitrags lesen »

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