Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Globalization’

COVID‑19: Turning Point for Globalization?

Posted by hkarner - 17. April 2020

Date: 17‑04‑2020

Source: YaleGlobal

Protectionists assign blame for the COVID‑19 pandemic on the trade, travel and migration associated with globalization. This overlooks how globalization has delivered prosperity and benefits. Still, an interconnected world cannot avoid shared risks, and even the most protectionist nations struggle to shield themselves from crises, whether the global financial crisis of 2008 or climate change. The media and global health officials issued early warnings about the COVID‑19 threat and the specific dangers of large numbers of infected people spreading contagion while showing no symptoms. Despite images of suffering, closures and devastation in China and Italy, many leaders assumed that their countries were resilient. “Globalization is not the culprit, but rather the lack of strong international organization and effective cooperative mechanisms, with unified messages based on the best science, to tackle the global crises,” explains Hans Yue Zhu, a graduate teaching fellow at Yale University. US suspension of its funding for WHO will not help. “To salvage the fragmented globalized system, the international community must reflect on the existing framework to resolve global crises and strengthen the leadership role of international organizations in emergencies.” – Den Rest des Beitrags lesen »

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Freedom without constraints: how the US squandered its cold war victory

Posted by hkarner - 9. Januar 2020

Date: 07‑01‑2020

Source: The Guardian By Andrew Bacevich

The US believed the American way of life was humankind’s ultimate destiny.

But unrestrained greed has led to an era of injustice and division.

‘Without the Cold War, what’s the point of being an American?” Harry “Rabbit” Angstrom, the novelist John Updike’s late‑20th‑century everyman, posed that question just as the “long twilight struggle” was winding down. More than quarter of a century later, the plaintive query still awaits a definitive answer.

Indeed, the passage of time has only sown confusion about whether there is a point to being an American. Even as the cold war was ending, Updike’s everyman was not alone in feeling at a loss. By the 1980s, the cold war had become more than a mere situation or circumstance. It was a state of mind.

Most Americans had come to take its existence for granted. Like the polar ice cap or baseball’s status as the national pastime, it had acquired an appearance of permanence. So its passing caught citizens unaware. Those charged with managing the cold war were, if anything, even more surprised. The enterprise to which they had devoted their professional lives had suddenly vanished. Here was a contingency that the sprawling US national security apparatus, itself a product of the anti‑communist crusade, had failed to anticipate. Den Rest des Beitrags lesen »

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Why Countries Should Tax Global Income

Posted by hkarner - 6. Dezember 2019

Ricardo Hausmann, a former minister of planning of Venezuela and former Chief Economist at the Inter-American Development Bank, is a professor at Harvard’s John F. Kennedy School of Government and Director of the Harvard Growth Lab.

More inclusive global growth in a world with free capital mobility does not require a “global” government that taxes and redistributes, but it does require global taxation and tax cooperation. Countries should be free to set their own taxes, but they should be required to share tax-relevant information.

CAMBRIDGE – If you are a citizen of a country, should you pay taxes on the income you earn only within that country’s geographical limits, or on all the money you earn, independently of where? The United States, Mexico, India, China, and Chile tax global income. Western Europe, Japan, Canada, Peru and Colombia tax territorial income. If the world moved toward global taxation and enhanced some incipient information-sharing mechanisms, the impact on inclusive growth, especially in the developing world, would be very positive.

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If capitalism is broken, maybe it’s fixable

Posted by hkarner - 10. Juli 2019

Date: 10-07-2019
Source: The Economist

A book excerpt and interview with Joseph Stiglitz, a Nobel laureate in economics and author of “People, Power and Profits”

FOR DECADES Joseph Stiglitz has argued that globalisation only works for a few, and government needs to reassert itself in terms of redistribution and regulation. Today the sources of his ire have grown more dire. Wealth inequality has become a hot-button political issue just as populists are on the march.

In Mr Sitglitz’s latest book, “People, Power, and Profits: Progressive Capitalism for an Age of Discontent,” he expands on his left-of-centre economic prescriptions. He believes that capitalism’s excesses can be tamed by the state providing a “public option” in areas like health care or mortgages when the market flounders.

As part of The Economist’s Open Future initiative, we conducted a short, written interview with Mr Stiglitz about his ideas. It is followed by an excerpt from his book, on what he calls “the transition to a postindustrial world.”

* * *

The Economist: You argue that right-wing populists aren’t wrong—capitalism is indeed rigged. How so? Den Rest des Beitrags lesen »

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Globalization’s Wrong Turn

Posted by hkarner - 12. Juni 2019

Date: 11-06-2019
Source: Foreign Affairs By Dani Rodrik

And How It Hurt America

Globalization is in trouble. A populist backlash, personified by U.S. President Donald Trump, is in full swing. A simmering trade war between China and the United States could easily boil over. Countries across Europe are shutting their borders to immigrants. Even globalization’s biggest boosters now concede that it has produced lopsided benefits and that something will have to change.

Today’s woes have their roots in the 1990s, when policymakers set the world on its current, hyperglobalist path, requiring domestic economies to be put in the service of the world economy instead of the other way around. In trade, the transformation was signaled by the creation of the World Trade Organization, in 1995. The WTO not only made it harder for countries to shield themselves from international competition but also reached into policy areas that international trade rules had not previously touched: agriculture, services, intellectual property, industrial policy, and health and sanitary regulations. Even more ambitious regional trade deals, such as the North American Free Trade Agreement, took off around the same time.

In finance, the change was marked by a fundamental shift in governments’ attitudes away from managing capital flows and toward liberalization. Pushed by the United States and global organizations such as the International Monetary Fund and the Organization for Economic Cooperation and Development, countries freed up vast quantities of short-term finance to slosh across borders in search of higher returns. Den Rest des Beitrags lesen »

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The New-Old Globalization

Posted by hkarner - 3. April 2019

Harold James is Professor of History and International Affairs at Princeton University and a senior fellow at the Center for International Governance Innovation. A specialist on German economic history and on globalization, he is a co-author of the new book The Euro and The Battle of Ideas, and the author of The Creation and Destruction of Value: The Globalization Cycle, Krupp: A History of the Legendary German Firm, and Making the European Monetary Union.

The European Union is increasingly divided over how best to manage economic relations with an increasingly outward-looking China. On the whole, European governments are probably right to be wary of Chinese investment; but that doesn’t mean they should ignore China’s vision of cross-border development.

PRINCETON – Once upon a time, everyone assumed that there was a single phenomenon called globalization, whereby cross-border flows of financial capital drove innovation, industrialization, development, and trade. But Chinese President Xi Jinping’s Belt and Road Initiative (BRI) advances an alternative vision of globalization, based on an integrated system of physical infrastructure. The material world of ships and trains will replace the immaterial world of financialization.

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‘The Globotics Upheaval’ Review: When the Robot Gets an Office

Posted by hkarner - 5. März 2019

Date: 04-03-2019
Source: The Wall Street Journal

New robotics and AI technologies may soon be coming for the jobs of those who until now have only known globalization’s benefits.

The great wave of globalization is ebbing, or so it seems. Trade barriers are going up, ocean shipping is slower and less reliable than it was two decades ago, and manufacturers and retailers are keeping more inventory just in case their supply chains can’t deliver. But while the loss of factory jobs to foreign competition may have abated, a new threat to employment may loom. If Richard Baldwin is right, globalization will soon go after white-collar jobs with a vengeance.

Mr. Baldwin, a professor at the Graduate Institute in Geneva, is among the leading scholars of international trade. In his 2016 book “The Great Convergence,” he showed how the transfer of advanced technologies to poor countries made the current episode of globalization particularly harmful to industrial workers in rich countries, and he called for new social policies to address the problem. Now, in “The Globotics Upheaval,” he moves in a new direction, considering how the spread of robotics and artificial intelligence will affect the international distribution of labor. He argues that these fast-changing technologies will expose relatively well-paid jobs to foreign competition. As this occurs, people who have until now enjoyed mainly benefits from globalization will experience its costs first hand. “We need to stop asking whether the economic impact is due mostly to globalization or mostly to automation,” Mr. Baldwin writes. “Globalization and robotics are now Siamese twins—driven by the same technology and at the same pace.” Den Rest des Beitrags lesen »

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Don’t Fear the Deep State. It’s the Shallow State That Will Destroy Us.

Posted by hkarner - 7. Februar 2019

Date: 06-02-2019
Source: Foreign Policy

Populists like to blame elites, but from Israel to Britain to the United States their crusade against hardworking civil servants is undermining the foundations of democracy.

Then-British Foreign Secretary Boris Johnson and U.S. President Donald Trump

“Indeed it has been said,” Winston Churchill told the House of Commons in November 1947, “that democracy is the worst form of government except for all those other forms that have been tried from time to time.” Churchill might not have paid democracy such high praise in today’s climate.

A wave of populism has swept over many quarters of the world. Disenfranchised publics, on both the right and left, who believe that they’ve been handed a rotten deal are asserting influence. Those who’ve missed out on the benefits of globalization seek to improve their economic prospects. Others are motivated to replace prevailing social norms with ones that better reflect their personal value systems. Their common enemy—to be blamed when high expectations are disappointed—is the reviled “deep state,” that amorphous cadre of public servants and gatekeepers who execute the nation’s business.

Nowhere is this more evident than in the United Kingdom, where Prime Minister Theresa May is contending with the fallout from Parliament’s rejection of her Brexit proposal. Taking to the airwaves just before the fateful Jan. 15 vote, which Her Majesty’s Government lost by a 432 to 202 majority, former Foreign Secretary Boris Johnson predicted a public backlash if Britain’s withdrawal from the European Union were to be impeded. “I think that people will feel betrayed,” Johnson warned ominously, “and I think they will feel there’s been a great conspiracy by the deep state of the U.K., the people who really run the country, to overturn the vote in the referendum.” Den Rest des Beitrags lesen »

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The Shrinking of the Political Middle—and What It Means

Posted by hkarner - 22. Januar 2019

Date: 21-01-2019
Source: The Wall Street Journal By Greg Ip

As the far right and far left gain strength, countries find it increasingly difficult to get things done—both domestically and globally

In the past two years, the world has been rocked first by the rise of right-wing populists and now by a re-energized left. Both are products of a deeper-seated, destabilizing trend: the hollowing out of the political middle.

The shrinking center has hamstrung governments’ ability to act, as Britain’s Brexit chaos and the U.S.-government shutdown have demonstrated. It also erodes the international cooperation needed to confront common challenges such as on immigration, trade and the climate.

It’s a threat in particular to the global business leaders meeting in Davos this week. They’re the biggest beneficiaries of the market-friendly policies and global openness that centrist parties champion. They increasingly must deal with insurgents on the left and right with little in common except a mistrust of globalization,big banks and big tech. Den Rest des Beitrags lesen »

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The Center Left and Globalization

Posted by hkarner - 31. Dezember 2018

Caroline Conroy is a senior research analyst at the Brookings Institution.

After promising to reform both France and the European Union, President Emmanuel Macron is now struggling to reclaim the public’s confidence and prove that he is not the „President of the Rich.“ By pursuing a business-friendly reform agenda, Macron has fallen into a trap that center-left reformers everywhere seem incapable of avoiding.

WASHINGTON, DC – Popular uprisings across France are to shatter the hope that so many had placed in French President Emmanuel Macron after his election in May 2017. With his party, La République En Marche !, having secured an absolute parliamentary majority, Macron promised to pursue difficult reforms not just in France, but also within the European Union. But now he is facing the biggest crisis of his presidency.

Revitalization of the EU has long depended on a strong French leader capable of overhauling the country’s economy. Before the proposed fuel tax that brought the Yellow Vests into the streets last month, Macron had managed to overcome opposition to a series of labor-market reforms. Though politically difficult, the reforms were necessary to bring the budget deficit below 3% of GDP, in accordance with EU rules, and modernize France’s generous social-security system in the face of disruptive new technologies. Den Rest des Beitrags lesen »

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