Trying to pretend otherwise would prove very costly. May 30, 2019 Ngozi Okonjo-Iweala, Brahima Coulibaly. September 2006: ISBN: 0-393-06122-1: OCLC: 70219850: Dewey Decimal. It says, Making Globalization Work. pioneer who broke into the closed world of high finance and sherpa-dom that still is largely a man’s world. Think of major industries—from banking to pharmaceuticals to [12], As a result, the average American worker today works only about 17 weeks to live at the annual income level of the average worker in 1915. have been the prime beneficiaries of economic openness. Your country has been one of the IMF’s strongest partners, with an incredibly This provides additional income to be distributed, as well Growth has also been unequal: in major advanced economies, incomes for the top 10 percent increased by 40 percent in the past two decades, while growing Currently, the only real rule of globalization is that workers get shafted and shareholders get rewarded. Against this background, recent news about multilateral trade negotiations have been quite discouraging. It is my hope that the deliberations at the meeting and the work of the OECD will contribute to enlighten the debate on globalisation and thereby facilitate a work-for-all-approach. The IMF has recommended This trade is already worth $5 trillion a year, or two-thirds of [2], But even in advanced economies, economic integration has lifted living standards—because of a more efficient allocation of What is needed is an integrated approach to make the whole system work better for more people. [6] (CEPII), December 2011. Moreover, there is a growing risk of politicians seeking office by promising to “get tough” with foreign trade partners through punitive tariffs or other industrialized world—a growing sense among some citizens that they “lack control,” that the system is somehow against them. Some 50 years ago, the Canadian philosopher Marshall McLuhan described how technology had shrunk the world into a “global village”. [3] Among other issues, international co-operation has to address market distorting behaviour, aggressive tax avoidance and irresponsible business conduct. [8] Another example is the Nordic countries, where workers have only limited job protection, but they benefit from generous unemployment insurance that Research on the consumer benefits suggests that trade has roughly doubled the real incomes [7] All that will happen is that Chinese workers will be become robot specialists and production will continue. But it has also opened the door to financial This will be to the benefit of all. , December 2012. That is the focus of my remarks today. hardship. They see their jobs being lost, and replaced by machines, or outsourced to other countries or taken over by immigrants. Let me speak to the economic policies involved, without having any illusions about the difficulties of the task at hand. For this to happen, free trade and the free movement of capital are essential. [5] And this has not been spread evenly We must narrow the gap by widening the possibilities for more people around the world. Supporters of globalization argue that it has the potential to make this world a better place to live in and solve some of the deep-seated problems like unemployment and poverty. For more information on the Nordic model:IMF note on Labor Market Policies, IMF paper on Jobs and Growth. How? Now fiscal policy needs to play a bigger role in countries that have additional spending headroom. [15]. [9]. We have to distinguish between short-term and long-term impacts of globalization. OECD Forum 2017 issuesOECD work on Denmark, ©OECD Yearbook 2017. The short-term effects of globalization are often very disruptive. In the European Union, more than 30 million jobs—that is, one in every seven—depends on exports to the rest of the world. On 23 … [1] For two decades before the 2000’s, global trade regularly grew by 7 percent, or twice the rate of the world economy. We need to make globalization work for all. How can we maintain the benefits from globalization while sharing them more widely? As it’s such a complicated term in simple words. This is where digital-globalization is taking shape that is both a challenge and an opportunity to the world. Instead, we need to pursue policies that extend the benefits of openness and integration while alleviating their side effects. And right now, of course, the Canadian government is following in the same path of taking bold action on fiscal policy and economic reforms. Many have also underestimated the globalization of capital. The voices of all, internationally, must be heard, rather than … wave of automation. for a typical household. Phone: +1 202 623-7100Email: MEDIA@IMF.org. Conflicts have diminished, diseases have been eradicated, poverty has been reduced, and life expectancy has increased around the world. 3, pp. only modestly at the bottom. It means technological Life expectancy is rising and literacy levels have never been higher. Globalization affects nations all over the world and is currently one of the most talked about concepts regarding the future of the economy. Lets start from the beginning with a background to globalization. industries earn a premium perhaps as high as 15 percent over other industries. I have made the case for this strong three-pronged policy approach to our membership and to the leaders at the recent G-20 Summit—and I hope that many A stronger trade engine means more competitive industries that have greater incentives for innovation. Autor, David, 2014, “Why Are There Still So Many Jobs? social media—where some advanced economies are facing large increases in market concentration. As the economist and Nobel laureate, Amartya Sen, put it: global economic integration “ has enriched the world scientifically and culturally, and benefited many people economically as well”. Why? services, and stepping up research and development. Many actors are engaged in the realization of global social If we want globalisation to work, we must bridge this gap. Globalization entails the closer integration of the countries of the world, and that means there is going to be more interdependence. today. In some cases new initiatives will be needed to help alleviate the effects of the divides brought about by globalisation, while in other cases the standards or treaties need to be broadened in membership. the latest OECD survey of 15-year olds was higher than that of France, Germany, the UK, and the US. Cultural globalization, phenomenon by which the experience of everyday life, as influenced by the diffusion of commodities and ideas, reflects a standardization of cultural expressions globally. This means three things. US President’s Council of Economic Advisers (CEA): Report: “The Economic Benefits of This means greater public investment in education, re-training, and facilitating occupational and geographic mobility. And for the poorest households, trade has raised real incomes by more than 150 percent. Unfortunately, growth has been too low for too long: 2016 is set to be the fifth consecutive year with global GDP growth below 3.7 percent, the average for In That suggests something isn't working well now and much of the book is devoted to describing the things that aren't working in a much broader way than I did in my earlier work. Whatever affects one directly, affects all indirectly.”. For example, when it comes to support for demand, central banks have done the heavy lifting in recent a safe and prosperous home for themselves and their children. eight-fold expansion in global trade. years. Climate change is a case in point and the Paris Climate Agreement is a milestone in the international co-operation in that respect. would consider a fair share. to rebuild trust and bolster support for reforms. These are but a few examples. by providing appropriate unemployment insurance, health benefits, and portable pensions—and by stepping up tax and income policies. Such deals would be open—on the same terms—to all WTO members. services are extremely high—equivalent to tariffs of some 30 to 50 percent. For many, this dream has been thrown into reverse. not only reflects Canada’s commitment to inclusiveness and openness, but it also captures the essence of policymaking. outlined earlier. Take into account that different cultures have different rules for collating (sorting) text and other data. as room for policy initiatives. Before beginning the design phase, you should determine which cultures your app will support. [10]. Others view globalization as a threat to American jobs, workers, and consumers, not to mention the health and well-being of foreign workers who may be exploited, harassed, and underpaid. tailored to achieve the best possible results. We need to make globalization work for all. Today Frigidaire[11] offers a model with the same features for $139.99. contagion and concerns about the stability of financial systems. What they see is the flipside of the coin: the gap has widened between those who benefit from globalisation and possess the energy and the skills to embrace the new developments, and those who do not. Perhaps the most important policy insight from the past 70 years is that countries and governments can do a lot to boost economic welfare, but they cannot do it alone. Jason Furman: “Benefits of Competition and Indicators of Market Power”, US President’s Council of Economic Advisers Issue Brief, April 2016. But to maximize the benefits of these structural reforms, they need to be combined with the right fiscal and monetary policies—a three-pronged approach. access to opportunity through education and health care, reduce ethnic and gender discrimination, and foster greater mobility, just to name a few. From the days of the bronze age to the industrial revolution and beyond, our ancestors have dealt with We also know that these policies and reforms need to be cultural anxieties. [4] There are two ways of looking at globalization. Concerns over wages, jobs, and future prospects are real and pressing for those who are not well-equipped to thrive in this new world. He found that almost everything in its pages was made in US and that, after adjusting for inflation, products are significantly cheaper Justin R. Pierce and Peter K. Schott: “The Surprisingly Swift Decline of U.S. Manufacturing Employment”, Globalization is deeply connected with economic systems and markets, which, on their turn, impact and are impacted by social issues, cultural factors that are hard to overcome, regional specificities, timings of action and collaborative networks. to influence the outcomes of globalization must be democratically accountable for the policies they pursue and the actions they take. global GDP. Organisation for Economic. The IMF Press Center is a password-protected site for working journalists. Ultimately, it is the responsibility for governments how to distribute the benefits of globalisation domestically. They must deliver on their com-mitments and use their power with respect for others. Contents 1 Foreword: Reform, Renewal and Results 2 Inclusive Globalization 6 UNDP and a Reforming UN: Coordinated Support for Development 12 UNDP Programmes: Foundations for Strong and Equitable Societies 13 Poverty reduction: Mapping the road … As Martin Luther King once said, “ We are caught in an inescapable network of mutuality, tied in a single garment of destiny. tangible—real—benefits for most people and most countries. Every generation dreams that it will be better off than the previous one. 3–30. a. The IMF As the economy grows, it is only natural for a global market to become established in previously local areas. Yet, it seems that an increasing number of people do not look upon globalisation as a benefit, but as a threat. One such way is the incorporation of like ideologies across a massive span of consumers. The answer is to ensure that international co-operation and competition help reduce extreme inequality and resolve the problems of tomorrow. Let me start with the benefits of integration—the bringing together of trade, migration, capital flows, and technology. New Rules to Make Globalization Work Focus on fiscal discipline and rules-based policy making to make the global economy run smoothly. As jobs losses continue to haunt the headlines, people are left asking if long-term unemployment is to be one of the so-called benefits from globalisation. To me, and to most Danes, the premise has always been that globalisation cannot be halted, either internationally or at our borders. The History and Future of Workplace Automation,” Journal of Economic Perspectives, Vol. There are also new 21st-century issues to explore—such as trade in services. Christopher Patten brings his views of globalization across the pond. [1] Another example is Vietnam, which—in a single Do they not understand how happy they are supposed to be? innovation gets transmitted in ways that lower prices for consumers and companies. But progress has not come for everybody at the same pace. This model makes the labor market more flexible—which is good for growth—while safeguarding the Making globalization work for all also requires policy-makers to recognize that there will always be winners and losers. A. event today. This development has been going on for centuries and has accelerated, mainly due to technological progress. It is also a domestic responsibility to put programmes in place that alleviate the effects of disruption as demand for skills shifts from one category of labour to another, such as making sure that the people in need of assistance have access to adequate further education, and the social benefits or other types of interventions needed to support them. I am grateful for the opportunity to deliver a lecture in honor of Sylvia Ostry, the great Canadian economist and policymaker, and above all, the woman The wave of globalisation since the Second World War has created more opportunities for the people of the world than at any time previously and has lifted more people out of poverty globally than at any other time in history. Let me start with the benefits of integration—the bringing together of trade, migration, capital flows, and technology. Third—boost economic fairness [6]. China, for instance, saw a phenomenal drop in its extreme poverty rate—from 36 percent at the end of the 1990s to 6 percent in 2011. We know that sound macroeconomic policies and reforms lift productivity and potential growth. And in Canada, international Fontagné and others, “Estimations of Tariff Equivalents for the Services Sectors,” Paper, Centre d’Études Prospectives et d’Informations Internationales In the US, competition from low-wage countries has been one of the factors that have contributed to a decline in manufacturing employment, along with a World Bank figures: World Development Indicators. Actually, to address these issues we will need more globalisation, not less. modern-day items. Similarly, expanding vocational training partnerships between industry and educational institutions would help retool the labor force and boost And as I will argue today, these This integration has delivered tangible—real—benefits for most people and most countries. There are reforms that would make globalization work better, work better both … up its infrastructure investment and by increasing transfers to families with children. To get […] This is not the first time we face this challenge. [9] generation—moved from being one of the world’s poorest nations to middle-income status—which has allowed for increased investments in health and education. [2] Are these people blind? And the future too looks bright for the vast majority of the global population. For example, the German apprenticeship system is often cited as a model that has provided generations of German youth a successful path into But I strongly believe that we can rebuild The IMF—with its analytical and financial resources—will continue to push for and help in this endeavor. And lastly, growing inequality in wealth, income, and opportunity in many countries has added to a groundswell of discontent, especially in the This column reports on a conference aimed at understanding how globalisation can be made to work for workers. NBER Working Paper Some of these issues are addressed in standards set through frameworks such as the OECD Guidelines on Corporate Governance of State-Owned Enterprises, Multinational Enterprises Guidelines and the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Sharing (BEPS), that will be signed at a separate international event on 7 June 2017 at the OECD. Our welfare, our well-being, will depend on others, and it will depend on how globalization is managed. In the US, for instance, workers in export-intensive The historic events of the early 1990s, when China, India, and the former communist countries entered into the global trading system, had far-reaching And for good reason. Making globalisation work for workers . How to make globalization work Engage the world in making policy, says Lord Christopher Patten. The more countries adopt it, the greater the mutual benefits for growth. I hope the OECD Forum and MCM will be an important milestone in the international debate on how to make globalisation work for all. There is no doubt that the world today is a much better place than before. We are aware that the Danish “flexcurity” model is very instrumental in this regard, but we also recognise that this approach cannot be adopted just anywhere. IMF Note: “ Global Prospects and Policy Challenges”, G20 Leaders’ Summit, September 4-5, 2016. So are the UN Sustainable Development Goals (SDG), that set an agenda for each country to fulfil nationally or in co-operation with others. the mid-1990s, for example, the Netherlands combined labor tax cuts with major reforms in labor and product markets—resulting in a period of strong growth. Between 1980 and 2007, global capital flows increased more than 25-fold, compared with an David Autor, David Dorn, Gordon Hanson: “The China Shock: Learning from Labor Market Adjustment to Large Changes in Trade”, NBER Working Paper, February 2016. The MCM can highlight some of the best policy practices and structural reforms that are necessary to create better lives for the citizens of the OECD area and beyond. Canada is, in fact, leading the way by stepping Countries: CAN, DEU, ITA, UK, USA. People from all over the world must adjust their lifestyle in order to reverse the effects of global warming. It is, therefore, not all that easy to explain. issues are deeply intertwined. Many countries have tried this route, and just as many How to make globalization fair, according to economist Joseph Stiglitz David Brancaccio Dec 1, 2017 Nobel prize-winning US economist Joseph Stiglitz poses during an interview in Paris. Making Globalization Work for All UNITED NATIONS DEVELOPMENT PROGRAMME ANNUAL REPORT 2007 1872_CVRC2.qxp 7/25/07 3:36 PM Page 1. Globalization is a blanketed term that encompasses the integration of economies in several different ways. Nowhere are the issues of economic interdependency greater than in the area of trade. I hope the OECD Forum and MCM will be an important milestone in the international debate on how to make globalisation work for all. Maynard Keynes, one of the IMF’s founding fathers: “The brotherhood of man has become more than a slogan.”. Globalization—the balance sheet. [13] • Deeper partnerships. But as I said earlier, these policies are not sufficient—depending on each country’s situation, they need to be accompanied by steps to facilitate equal OECD Program for International Student Assessment: Report: “PISA In this column, based on our work for the World Economic Forum’s Global Future Council on Inclusive Growth (Ostry 2017), we list a set of policies that can make globalisation more inclusive. By welcoming about a quarter million migrants per year—and by opening their homes and hearts Making trade work for all Against the background of rising anti-globalisation sentiment, this report argues that, while there are good reasons for some people to be angry, trade is not the root of many problems, nor can it solve them on its own. IMF, World Economic Outlook database. Making Globalization Work for Africa. Corruption remains endemic. We cannot ignore the genuine concerns of millions of people. 1. positive influence on our institution and other member countries. I am deeply concerned about this—not only because I was a Minister of Trade, but because trade has been at the heart of the IMF’s mandate for more than 70 Today Vietnam can be proud of the fact that it ranks well above most of its richer peers in basic science, math, and reading skills. By Christine Lagarde, Managing Director, International Monetary Fund, IMF Members' Quotas and Voting Power, and Board of Governors, IMF Regional Office for Asia and the Pacific, IMF Capacity Development Office in Thailand (CDOT), IMF Regional Office in Central America, Panama, and the Dominican Republic, Financial Sector Assessment Program (FSAP), Currency Composition of Official Foreign Exchange Reserves. See  www.oecd.org/forum/oecdyearbook, Lars Løkke RasmussenPrime Minister, Denmark andChair of the OECD MinisterialCouncil Meeting 2017, Organisation for Economic Co-operation and Development (OECD), © And when they look out their windows, each new day seems to hold fewer possibilities for them than the day before. The Outlook suggests that an integrated approach is needed to make globalisation work for all. Nowadays, a phone, instant message, fax, or video conference call can easily be used to connect people throughout the world. With its fact-based approach and vast knowledge base, the OECD can inspire member countries and international organisations as we debate the challenges and opportunities of globalisation. There’s still time to make globalization work for all. Structural change caused by globalization and technological change has deeply affected some sectors and industries—while benefitting society as a whole. not the whole story. population living in extreme poverty (1990-2010). For example, a three-speed air conditioner was advertised for $139.95, which would come to more than $820 adjusted for inflation. Though it will be but a step in a process, it is my conviction that an evidence-based approach such as that taken at the OECD is the best way to address the true problems we face. [11] But history clearly tells us that closing borders or increasing protectionism is not the way to go. In order to see more success through globalization, there must be more use made of global governance structures. Natural for a typical household ability to communicate and could not interact without difficulty world Bank figures: development. 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