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Posts Tagged ‘Globalization’

Saving Global Order

Posted by hkarner - 2. Februar 2015

Date: 30-01-2015
Source: Project Syndicate


Kofi A. Annan, a former secretary-general of the United Nations, is the founding chair of the Kofi Annan Foundation and also chairs The Elders and the Africa Progress Panel. In 2001, he and the United Nations were jointly awarded the Nobel Prize for Peace.

GENEVA – As 2015 begins, the values enshrined in the Charter of the United Nations and the Universal Declaration of Human Rights are under threat. Around the world, personal liberty, human rights, and democracy are at risk – even in countries that have embraced democratic ideals. The international community is deeply divided, blocking progress on a host of global challenges, ranging from the crises in Syria, Iraq, and Ukraine to climate change and international trade.

Three factors – all likely to persist this year – are driving these unsettling trends.

First, globalization may have delivered many benefits, but it has also eroded the capacity of societies to determine their own destinies. Many modern challenges – including tax avoidance, organized crime, cyber insecurity, terrorism, climate change, international migration, and financial flows, both licit and illicit – have one thing in common: the traditional instruments of a sovereign state have become inadequate to manage them.

Second, failed military solutions in Afghanistan and Iraq have played a large role in undermining the international community’s unity, and eroding confidence in intervention in general, even as established powers cut budgets and emerging powers shy away from taking on new responsibilities. In 2014, leaders in my native Africa and elsewhere challenged the objectivity and effectiveness of the International Criminal Court, the creation of which was a major milestone in the struggle to end impunity for national leaders. Den Rest des Beitrags lesen »

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Globalization: Damaged but Not Sunk

Posted by hkarner - 21. Januar 2015

Date: 21-01-2015
Source: The Wall Street Journal

As Davos Begins, a Look at Developments Over the Past Year That Risk Further Erosion of Our Internationalized, Interconnected World Economy

The perils of forecasting: 12 months ago, as World Economic Forum delegates gathered in Davos, nobody predicted Russia would, within months, annex part of a neighboring state, and anyone anticipating a halving of oil prices would have been guided to a darkened room and told to lie down.

But other developments were more foreseeable: Low growth and low inflation in the eurozone were to hold back Europe’s ability to emerge from its debt crisis and reduce high unemployment. Partly as a result, the political mainstream in many European countries weakened, and nationalist parties grew in strength. Governments elsewhere struggled to cope with the powerful currents buffeting their nations.

In one way or another, most of these developments—foreseen or not—now risk further erosion of the fabric of our internationalized, interconnected world economy.


“Globalization has helped raise hundreds of millions out of poverty,” says Robin Niblett, director of the Chatham House think tank in London. But, he says, it’s moving faster than people and states can adapt to, politically, socially and institutionally. As a result, “levels of trust between governments and citizens are fraying at an alarming rate.” Den Rest des Beitrags lesen »

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Challenges ahead: Managing spillovers

Posted by hkarner - 3. Dezember 2014

Olivier Blanchard, Luc Laeven, Esteban R Vesperoni 03 December 2014, voxeu

Chief economist, IMF

Deputy Division Chief in the Research Department of the International Monetary Fund and CEPR Research Fellow

Esteban R Vesperoni

Senior Economist, IMF


The events of the last five years have been a forceful reminder of the interconnections among nations. There has been renewed debate on the optimal way to combine fiscal, monetary, and financial policies to deal with international spillovers, and on the scope for coordination of such policies. This column discusses the highlights of a recent IMF conference on “Cross-Border Spillovers”, and applies the lessons to the challenges of the US and the Eurozone exiting from their unconventional monetary policies.

Events of the last five years have forcefully reminded the global community of the risks present in the global economy and the interconnections among nations. Intense discussions have arisen on the optimal way to combine fiscal, monetary, and financial policies to deal with spillovers across nations, and on the scope for coordination of such policies. In this context, the theme chosen for the IMF’s 15th Jacques Polak Annual Research Conference was “Cross-Border Spillovers”.1 This column discusses the conference highlights. Den Rest des Beitrags lesen »

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Global Solutions for Globalization’s Problems

Posted by hkarner - 28. November 2014

Date: 27-11-2014
Source: Project Syndicate

Ian Goldin, Director of the Oxford Martin School, Professor of Globalization and Development at the University of Oxford, and Vice-Chair of the Oxford Martin Commission for Future Generations, is the co-author of The Butterfly Defect: How Globalization Creates Systemic Risks, and What to Do about It.

OXFORD – The last few decades of globalization and innovation have resulted in the most rapid progress that the world has ever known. Poverty has been reduced. Life expectancy has increased. Wealth has been created at a scale that our ancestors could not have imagined. But the news is not all good. In fact, the achievements brought about by globalization are now under threat.

The world has simultaneously benefited from globalization and failed to manage the inherent complications resulting from the increased integration of our societies, our economies, and the infrastructure of modern life. As a result, we have become dangerously exposed to systemic risks that transcend borders.

These threats spill across national boundaries and cross the traditional divides between industries and organizations. An integrated financial system propagates economic crises. International air travel spreads pandemics. Interconnected computers provide rich hunting grounds for cybercriminals. Middle Eastern jihadis use the Internet to recruit young Europeans. Living standards rise – and greenhouse-gas emissions follow, accelerating climate change. Den Rest des Beitrags lesen »

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Politicians need to stop pretending to angry voters that globalisation can be wished away

Posted by hkarner - 15. November 2014

Date: 14-11-2014
Source: The Economist
Subject: The nostalgia trap

THE public is losing faith in the American Dream, Mitch McConnell declared on the night that he won a sixth Senate term, amid an electoral wave that handed his Republican Party control of Congress. Now begins a more important contest, Mr McConnell told Kentucky Republicans: the race to save the centuries-old “compact” that every American generation leaves the next one better off. Mr McConnell declared that promise imperilled by “distant planners in federal agencies”, whether they are killing jobs in coal mines or—in their zeal to impose Obamacare—cancelling families’ health insurance plans. The senator thanked his parents, survivors of the second world war, for passing their American optimism to him. Now, in unhappy contrast, Mr McConnell says he sees “hurt” in the eyes of ordinary folk.

He is right about the national mood. Voters are almost united in their belief that America is heading in the wrong direction. Alas for Mr McConnell, who is set to become Senate majority leader, that is about where their unity ends.

Too many leaders in the rich West have picked up on gloom about the future as a driver of public distrust of politics, but offer only narrow, partisan solutions, often focused on scrapping opponents’ policies that they always disliked. Republicans such as Mr McConnell are right to criticise government when it overreaches. But it is a stretch to suggest that reining in environmental rules on coal, or even repealing Obamacare, can revive the American Dream. Den Rest des Beitrags lesen »

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Governing a World Out of Order

Posted by hkarner - 3. November 2014

Date: 02-11-2014
Source: Project Syndicate


Anne-Marie Slaughter, a former director of policy planning in the US State Department (2009-2011), is President and CEO of the New America Foundation,Professor Emerita of Politics and International Affairs at Princeton University, and a member of the World Economic Forum Global Agenda Council on the Future of Governance. She is the author of The Idea That Is America: Keeping Faith with Our Values in a Dangerous World.

WASHINGTON, DC – Can we develop an international order that will keep the peace and allow countries to play by agreed rules? That is the question that Henry Kissinger poses in his new book World Order. Unfortunately, it is the wrong question.

Kissinger defines “world order” as a concept of just international arrangements that is “thought to be applicable to the entire world.” Before the advent of the European Union, for example, Europe conceived of world order as a balance of great powers, in which multiple religions and forms of government could coexist.

As a civilization and a religion, Islam envisions the optimal world order very differently – as a caliphate, in which faith and government are united and peace prevails throughout the Dar al-Islam, or house of Islam. That is certainly not the belief of all Muslims or of the governments of Muslim-majority states, but the radicalism espoused by groups like the Islamic State seeks to spread not just codes of conduct but an entire worldview. Den Rest des Beitrags lesen »

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Why Taxation Must Go Global

Posted by hkarner - 3. November 2014

Date: 30-10-2014
Source: Project Syndicate

Wolfgang Schäuble has been Germany’s Federal Minister of Finance since 2009, helping to engineer the country’s remarkable post-crisis growth. He previously served as Minister of the Interior during the governments of Angela Merkel (2005-09) and Helmut Kohl (1989-91), and has been Chairman of Germany’s ruling Christian Democratic Union.

BERLIN – We are witnessing profound changes in the way that the world economy works. As a result of the growing pace and intensity of globalization and digitization, more and more economic processes have an international dimension. As a consequence, an increasing number of businesses are adapting their structures to domestic and foreign legal systems and taxation laws.

Thanks to technical advances in the digital economy, companies can serve markets without having to be physically present in them. At the same time, sources of income have become more mobile: There is an increasing focus on intangible assets and mobile investment income that can easily be “optimized” from a tax point of view and transferred abroad.

Tax legislation has not kept pace with these developments. Most of the tax-allocation principles that apply today date back to a time when doing business internationally primarily meant transporting goods across a border to a neighboring country. But rules that were devised for this in the 1920s and 1930s are no longer suitable for today’s international integration of economic processes and corporate structures. They need to be adapted to the economic reality of digital services. Den Rest des Beitrags lesen »

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Globalization Is in Retreat? Not So Fast

Posted by hkarner - 18. September 2014

Date: 17-09-2014
Source: The New York Times

Not long ago, executives at the Dutch multinational Royal DSM, a globe-girdling maker of nutritional supplements and high-tech materials, used to require a battery of internal studies to decide where to do a deal or locate a new manufacturing plant.

But today, “we won’t even do the study,” Stephan B. Tanda, the managing board member with responsibility for the Americas, told me. “It’s clear it will be the United States.”

The United States, he points out, has lots of cheap natural gas and a very lightly regulated labor market. At the same time, China, where Royal DSM has some 40 plants, is losing its edge. “It is less attractive than it used to be as a source from which to serve the world,” Mr. Tanda said.

For the last time the United States was as competitive as it is now, he added, “you have to go back to before the first oil shock in the 1970s.” Of the $3.6 billion in acquisitions by Royal DSM since 2010, 80 percent has come to the United States.

Could globalization make a U-turn? Den Rest des Beitrags lesen »

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Henry Kissinger on the Assembly of a New World Order

Posted by hkarner - 31. August 2014

Date: 29-08-2014
Source: The Wall Street Journal

The concept that has underpinned the modern geopolitical era is in crisis

The concept of order that has underpinned the modern era is in crisis, writes Henry Kissinger.
Libya is in civil war, fundamentalist armies are building a self-declared caliphate across Syria and Iraq and Afghanistan’s young democracy is on the verge of paralysis. To these troubles are added a resurgence of tensions with Russia and a relationship with China divided between pledges of cooperation and public recrimination. The concept of order that has underpinned the modern era is in crisis.

The search for world order has long been defined almost exclusively by the concepts of Western societies. In the decades following World War II, the U.S.—strengthened in its economy and national confidence—began to take up the torch of international leadership and added a new dimension. A nation founded explicitly on an idea of free and representative governance, the U.S. identified its own rise with the spread of liberty and democracy and credited these forces with an ability to achieve just and lasting peace. The traditional European approach to order had viewed peoples and states as inherently competitive; to constrain the effects of their clashing ambitions, it relied on a balance of power and a concert of enlightened statesmen. The prevalent American view considered people inherently reasonable and inclined toward peaceful compromise and common sense; the spread of democracy was therefore the overarching goal for international order. Free markets would uplift individuals, enrich societies and substitute economic interdependence for traditional international rivalries. Den Rest des Beitrags lesen »

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Globalization’s Old “Race to the Bottom” Finds Unlikely Winners

Posted by hkarner - 28. August 2014

Date: 28-08-2014
Source: Forbes

Globalization has oft been described as a race to the bottom, but as with any race, there is much jockeying for position. The nations in the lead may surprise some corporations and nations, suggests a report from the Boston Consulting Group. China is not necessarily the big winner as demonstrated by expanded auto production in the United Kingdom, and Mexico is emerging as an alternative manufacturing center even as its workers earn more than Chinese counterparts. Brazil, China, Czech Republic, Poland and Russia are described under pressure; Australia, Belgium, France, Italy, Sweden and Switzerland are losing ground; India, Indonesia, Netherlands and the United Kingdom are holding steading; and rising stars include Mexico and the United States. Labor costs and exchange rates are but two of a complex range of factors in locating factory sites. “On balance, much of the gains have also come at the expense of American wages,” writes Kenneth Rapoza for Forbes. “But besides stagnant wage growth, sustained productivity gains, a steady dollar, and energy-cost advantages have made life easier for American manufacturing.” – YaleGlobal

In competition for jobs and manufacturing, nations jockey for position, Boston Consulting Group report finds – the US, Mexico are described as “rising stars”
Kenneth Rapoza

Remember in the 1990s when activists were protesting the World Bank and International Monetary Fund as the architects of globalization? They were evil. The world was going to hell in a hand basket. Globalization was a race to the bottom, where the Chinese were getting all the jobs and the middle class American was moving into trailer homes.

But life, be it personal or socio-economic, does not move in a straight line. A new report by the Boston Consulting Group  is another case in point.  BCG’s latest shows that China’s economic rise and Europe’s stunning economic decline, has led to major global shifts in manufacturing. Comparing 25 of the largest exporting economies over a 10 year period, BCG takes the old Happy Meal economic model to task. Den Rest des Beitrags lesen »

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