Jim O’Neill, a former chairman of Goldman Sachs Asset Management and former Commercial Secretary to the UK Treasury, is Honorary Professor of Economics at Manchester University and Chairman of the Review on Antimicrobial Resistance.
JAN 17, 2017 Project Syndicate
LONDON – I was recently in beautiful Chile for a Futures Congress, and I had a chance to travel south to the very tip of Latin America. I also recently made a BBC radio documentary called “Fixing Globalization,” in which I crisscrossed the United Kingdom in search of ideas for improving certain aspects of it and discussed topical issues with well-known experts. In both cases, I saw things that convinced me that it is past time for someone to come to globalization’s defense.
Chile today is Latin America’s richest country, with per capita GDP of around $23,000 – similar to that of Central European countries. This is quite an achievement for a country that depends so heavily on copper production, and it sets Chile apart from many of its neighbors. Like many other countries, Chile is facing economic challenges, and its growth rate leaves something to be desired; but it also has many promising opportunities beyond its borders.
For example, when I led a review on antimicrobial resistance, I learned that copper has powerful antibacterial properties and is an ideal material for use in health-care facilities where bacteria often spread. This means that copper producers such as Chile, Australia, and Canada can improve global health – and boost exports – by introducing affordable copper infrastructure into hospitals and other clinical settings around the world. Den Rest des Beitrags lesen »
Enligthening! No „post truth“ story, but real! (hfk)
Source: Harvard Business Review
Global flows of trade and investment add economic value, and dismantling systems that rely on globalization would reduce prosperity. “While the impulse to erect trade barriers is understandable given the pain experienced by workers in a range of industries and communities in recent years, it is not the way to create lasting growth and shared prosperity,” notes a Harvard Business Review article. “During the past decade, the United States was the world’s largest recipient of foreign direct investment, with nearly $2 trillion invested in a range of sectors, companies, and workers across the country.” Still, managers and politicians cannot ignore the costs of trade and globalization, and must support communities with transition. The authors recommend solutions: Job hunters should be willing to relocate. Companies should expand export and trade capability. Globalization is more digital in nature, and firms should explore opportunities. Retraining should be customized for fields and communities, and benefits should be portable across state lines. Expanding globalization’s opportunities, rather than limiting cross-border flows, would be the better approach to boosting prosperity. – YaleGlobal Den Rest des Beitrags lesen »
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 The Euro: How a Common Currency Threatens the Future of Europe.
JAN 10, 2017 Project Syndicate
NEW YORK – On January 20, 2017, Donald Trump will be inaugurated as the 45th President of the United States. I would hate to say “I told you so,” but his election should not have come as a surprise. As I explained in my 2002 book Globalization and its Discontents, the policies we have used to manage globalization have sown the seeds of widespread disaffection. Ironically, a candidate from the same party that has pushed the hardest for international financial and trade integration won by promising to undo both.
Of course, there is no going back. China and India are now integrated into the global economy, and technological innovation is reducing the number of manufacturing jobs worldwide. Trump cannot recreate the well-paying manufacturing jobs of past decades; he can only push for advanced manufacturing, which requires higher skill sets and employs fewer people. Den Rest des Beitrags lesen »
Rob Johnson is President of the Institute for New Economic Thinking and a senior fellow and Director of the Global Finance Project for the Franklin and Eleanor Roosevelt Institute.
JAN 6, 2017 Project Syndicate
NEW YORK – As the inauguration of US President-elect Donald Trump approaches, the best way to assess the incoming administration may be to focus on the ultimate factors that led to his victory. Trump was not elected in a vacuum, and, as his agenda takes shape, we can start to gauge its impact on the political economy whence his candidacy emerged.
Trump won by challenging the credibility of both the political and academic establishments, relentlessly highlighting discrepancies between their depiction of the United States’ political economy and the reality that many voters experienced. Like Bernie Sanders in the Democratic primary, he started drawing large crowds by breaking ranks with his party’s mainstream. While Hillary Clinton and Republican rivals such as Jeb Bush and Marco Rubio tried to build coalitions based on cultural issues and partisan traditions, Trump and Sanders set their sights squarely on what mattered most to voters: a political economy in which elected officials strongly promoted a broad-based prosperity that included them. Den Rest des Beitrags lesen »
Nouriel Roubini, a professor at NYU’s Stern School of Business and Chairman of Roubini Macro Associates, was Senior Economist for International Affairs in the White House’s Council of Economic Advisers during the Clinton Administration. He has worked for the International Monetary Fund, the US Federal Reserve, and the World Bank.
JAN 2, 2017 Project Syndicate
NEW YORK – Donald Trump’s election as President of the United States does not just represent a mounting populist backlash against globalization. It may also portend the end of Pax Americana – the international order of free exchange and shared security that the US and its allies built after World War II.
That US-led global order has enabled 70 years of prosperity.It rests on market-oriented regimes of trade liberalization, increased capital mobility, and appropriate social-welfare policies; backed by American security guarantees in Europe, the Middle East, and Asia, through NATO and various other alliances.
Trump, however, may pursue populist, anti-globalization, and protectionist policies that hinder trade and restrict the movement of labor and capital. And he has cast doubt on existing US security guarantees by suggesting that he will force America’s allies to pay for more of their own defense. If Trump is serious about putting “America first,” his administration will shift US geopolitical strategy toward isolationism and unilateralism, pursuing only the national interests of the homeland. Den Rest des Beitrags lesen »
Kaushik Basu, a former chief economist of the World Bank, is Professor of Economics at Cornell University.
François Bourguignon, a former chief economist of the World Bank, is Professor Emeritus of Economics at the Paris School of Economics.
Justin Yifu Lin
Justin Yifu Lin, a former chief economist and senior vice president at the World Bank, is Professor and Honorary Dean of the National School of Development, Peking University, and the founding director of the China Center for Economic Research. He is the author, most recently, of Against the Consensus: Reflections on the Great Recession.
DEC 30, 2016 Project Syndicate
BEIJING/PARIS/NEW YORK – The United Kingdom’s vote to leave the European Union and the United States’ election of Donald Trump as its next president have laid bare developed-country citizens’ dissatisfaction with globalization. Rightly or wrongly, they blame globalization – or, at least, how it has been managed – for stagnating incomes, rising unemployment, and growing insecurity.
Developing-country citizens have been expressing similar feelings for much longer. Though globalization has brought many benefits to the developing world, many object to the neoliberal economics that has guided its management. In particular, the so-called Washington Consensus, which calls for unfettered liberalization and privatization, and macroeconomic policies that focus on inflation, rather than employment and growth, have attracted much criticism over the years. Is it time to revise the conventional economic wisdom? Den Rest des Beitrags lesen »
Last year, we were on the cusp. This year, we’ve gone over.
In the 2015 WorldPost Year-End Roundup, we observed that we were then “on the cusp of a tipping point” in the race between a world coming together and one falling apart. In 2016, we have indeed tipped over into a new era.
The profound upheavals of this year were anticipated in an essay we published in March titled “Why the World Is Falling Apart.” In that piece I wrote, “The fearful and fearsome reaction against growing inequality, social dislocation and loss of identity in the midst of vast wealth creation, unprecedented mobility and ubiquitous connectivity, is a mutiny, really, against globalization so audacious and technological change so rapid that it can barely be absorbed by our incremental nature. In this accelerated era,” I continued, “future shock can feel like repeated blows in the living present to individuals, families and communities alike.”Den Rest des Beitrags lesen »
Anatole Kaletsky is Chief Economist and Co-Chairman of Gavekal Dragonomics. A former columnist at the Times of London, the International New York Times and the Financial Times, he is the author of Capitalism 4.0, The Birth of a New Economy, which anticipated many of the post-crisis transformations of the global economy. His 1985 book, Costs of Default, became an influential primer for Latin American and Asian governments negotiating debt defaults and restructurings with banks and the IMF.
DEC 23, 2016 Project Syndicate
LONDON – The biggest political surprise of 2016 was that everyone was so surprised. I certainly had no excuse to be caught unawares: soon after the 2008 crisis, I wrote a book suggesting that a collapse of confidence in political institutions would follow the economic collapse, with a lag of five years or so.
We’ve seen this sequence before. The first breakdown of globalization, described by Karl Marx and Friedrich Engels in their 1848 The Communist Manifesto, was followed by reform laws creating unprecedented rights for the working class. The breakdown of British imperialism after World War I was followed by the New Deal and the welfare state. And the breakdown of Keynesian economics after 1968 was followed by the Thatcher-Reagan revolution. In my book Capitalism 4.0, I argued that comparable political upheavals would follow the fourth systemic breakdown of global capitalism heralded by the 2008 crisis. Den Rest des Beitrags lesen »
Those who fear globalization are often dismissed as bigots, but anxiety over security and jobs is another factor, explains author and professor Harold Sirkin for Forbes. Many in the developed world have lost confidence. “Unfortunately, too many people in the industrialized West have too much idle time on their hands – and not by choice,” he explains and that compounds the anger and fear. “People who feel secure in their jobs are more likely to spend their spare time (and spare change) on activities such as fishing and shopping, ballgames and beach outings, nights at the movies and dining out at restaurants, than thinking about globalization and immigration.” Education, training, jobs and productivity contribute to individual confidence and industry competitiveness. – YaleGlobal
Anxiety about jobs, underemployment combined with some people with too much free time may have fueled the anti-globalization movement and populism
Many thought leaders in the United States and Europe are trying to come to grips with the globalization backlash taking place on both sides of the Atlantic.
While I don’t share the views of the de-globalization crowd, I think it’s important to understand their thinking—and not dismiss them out of hand as racists, religious bigots, and xenophobes, as some have done.
While xenophobia and other fears may be factors—speaking in the present tense, because the backlash has hardly ebbed—concerns over family safety and job security appear to be a much higher priority.
Unfortunately, too many people in the industrialized West have too much idle time on their hands—and not by choice.
European factories aren’t operating at or near capacity, hundreds of thousands of IT jobs have been lost in recent years and the European Union’s average unemployment rate is nearing 10% (and trending much higher than that in countries like Greece and Spain). Den Rest des Beitrags lesen »