“New Horizons for the World Economy ” “Les nouveaux horizons de l’économie mondiale”
While globalization has been accelerating, voices arise against an ever more integrated global economy. Innovation and new technologies are seen as aggravating factors polarizing the world and increasing inequalities. In this increasingly uncertain context, what are the real pro and cons of globalization? How can we rethink its governance? What set of rules could revive trust and efficiency?
This necessary debate is too often captured by populists alone and there is an urgent need for a more rational and international discussion. This is our ambition for this new edition of Les Rencontres Économiques in Singapore.
Importance of providing hope and perspective to all underlined by Min Chan and Sapin. Both domestic (in particular education and lifelong training) and multilateral policies have a role to play to help rebuild trust in globalization where needed. No full consensus on the relative importance of each – including need to change global rules to include social, environmental and tax issues.
Session 1 – Different perceptions of globalization –
For some countries, incl Sg,the lifting effect of the tide is (so far) the dominating perception.
For others, it is the fracture produced within our societies that dominates the public perception.
Session 2 – The Bretton woods system is still relevant and multilateralism is key – it is in the genes of Europe (Pascal Lamy and Kishore) ; regional arrangements may be useful supplements.
Session 4 -Innovation
Change of paradigm similar to Fordism – very disruptive – we had some very interesting company examples. Need of both great companies and a new framework – copyright, privacy, welfare and tax systems to make innovation inclusive.
Session 5 – Who will lead?
Leaders have changed over time 18th more balanced than 19th. Different aspects of leadership. Leadership today should solve public goods pb, in particular climate change and financial stability.
Session 6 – Climate change
awareness is rising, challenges related to change in both countries. Need of coordinated actions.
Session 7 – Financial stability
Some progress made – safer system but black spots. Also, high capital mobility and fx volatility —> destabilization risks for some EM.
Session 8
Pascal Lamy EU – political integration has to match economic integration; it will take time. But eggs cannot be unscrambled.
Kishore Mahbubani: Time of transition. Resilience in spite of shocks. Asia : optimism. Pragmatism. Show multilateralism can work : Europe is a good example.
Leadership : America giving it up and China unwilling to take it up. Europe should pick it up.
Pascal Lamy : multilateralism is in Europe genes. Africa 1st pb for Europe
Kishore Mahbubani: US vs China not a given who will win
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