Solutions to negative impacts of globalization
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It is a valid observation, however, that some countries (advanced economies) did better than others in protecting their citizens from declines in real or relative living standards. In hindsight, it is easy to say that warning signals were missed, that we suffered from collective amnesia, that we were seduced by the efficiency gains of better-integrated markets, or that powerful interests prevailed while those of the median worker were largely ignored. And third, a failure to deal with worsening inequality threatens to undermine the socio-political fabric of countries, affecting the governability of nations. Second, it can inhibit the positive contributions of what is being dubbed the Fourth Industrial Revolution – that is, gains in technology which have the potential for enhancing global welfare. Why is this a problem? First, it encourages a backlash against globalisation that can actually make most worse off (viz. I believe that inclusive economic growth is currently at risk in many countries. My aim in this policy brief is to examine what went wrong, what was swept under the rug, and where governments have failed in dealing with globalisation. Some, like Dani Rodrik (2011), have argued that there is an inconsistency among hyper-globalisation, national economic interests, and democracy, and recent political developments on both sides of the Atlantic support this view. This discontent has turned progressively into frustration and anger, and we now hear loud complaints about the course of globalisation. While the net gains still prevail from both phenomena, the process for compensating losers has been inadequate, and in some contexts largely foregone (see Estache and Leipziger 2009 for an early warning).
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SOLUTIONS TO NEGATIVE IMPACTS OF GLOBALIZATION FREE
New technology has enabled many to increase access to seemingly free information and to connect to the new and expanding global digital economy, while for others it has meant job losses and retrenchment. Accompanying the process of globalisation was a process of technological advancement. Although it is difficult to do a thorough net cost-benefit analysis of globalisation, it clearly enabled many in the developing world to increase their incomes, and many in the advanced economies to consume more at lower prices. Yet, the benefits incurred costs as well. In this clamour for greater connectivity, issues of the distribution of the gains from globalisation were largely ignored, except in the work of some, like Joseph Stiglitz, largely because gains were large and benefitted many on both sides of the transaction. Indeed, globalisation has been responsible for large increases in world trade, fluid flows of capital seeking higher returns, imports of final products at lower cost to consumers, jobs and escapes out of poverty for hundreds of millions, and profits for the business community in both advanced and emerging market economies. With globalisation, we have seen the traditional barriers to trade and finance progressively lowered, and in this process, many have gained.