GLOBALISATION ERA
‘We are witnessing the return of industrial policy now — unlike the past, this is shaped by a globalised world, climate change and AI’
"Right now, in the post-global financial crisis era, and particularly post-Covid, we are seeing the return of industrial policy but it’s taking a different form from the past — it is far more financialised now, it tries to work within the parameters and institutions of a globalised world and it is much more outward-oriented."
View: In today’s tech-driven landscape, we need new economic thinking on equity and sustainability
In a hyper-connected world, income inequality, debt burdens, and social disparities persist. Urgent innovative strategies are essential to address widening gaps and shift the focus to stakeholder value for human development, Sam Pitroda writes.
'Reglobalisation' to the rescue?
For much of the time since, globalisation enthusiasts believed that economic interdependence would deepen as technology evolved and improve the quality of life for all.
Shaping Children in A 'New Parents' Era
In a globalised, tech-plugged world, the notion of 'mother tongue' - a language one first picks up from closest influencers - makes little sense, since today's young come in close regular verbal contact with variegated sources, offline or online, from a very early age. Human agency, thus, begins far earlier than it did before.
We need ‘thin’ globalisation now — this accepts nations having their own agendas and rebalances their autonomy: Dani Rodrik
"Many hoped that hyper-globalisation would lead to China becoming more democratic and, in turn, the US and other major powers would become more interested in the gains from trade rather than in zero-sum geopolitical competition. Neither of these expectations has materialised."
View: Recalculate inequality — it hasn’t worsened over time, it’s stayed the same
Piketty and Chancel analysed different periods of taxation in India, and concluded that inequality dropped sharply from 1950 to the early 1980s under Nehru-Indira's socialism, but then rose sharply in the era of economic liberalisation. Was the Nehru-Indira era good for the poor? No. The poverty ratio remained unchanged from 1947 to 1980.
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View: Do not mourn the death of globalisation — like it or not, it is alive and kicking
Traditional data cannot capture the fantastic growth of globalisation through digital services. Much of it is free, and traditional statistics simply cannot capture the invaluable addition to human welfare through free services. ChatGPT has even made AI available to billions free of charge, an astonishing form of instant globalisation.
Globalisation’s demise has been greatly exaggerated
Terms such as friend-shoring, reshoring and fragmentation offer an expressive way of developments but they too can easily suffer setbacks.
Chip industry globalisation under threat, says chief of China's YMTC
Chen Nanxiang said in a speech at the opening ceremony of the Semicon China conference in Shanghai that this had given him doubts over whether the global semiconductor industry could realise an earlier forecast that it could see $1 trillion in sales by 2030.
It's important to de-risk global economy in era of volatility and uncertainty, says S Jaishankar
External Affairs Minister S Jaishankar has said that the India-EU Trade and Technology Council (TTC) is a significant milestone in the strategic partnership between India and the European Union. The meeting, co-chaired on the Indian side by Jaishankar, Commerce and Industry Minister Piyush Goyal and Communications, Electronics and IT Minister Rajeev Chandrasekhar, covered key focus areas of strategic technologies, digital governance and green energy technologies.
Era when progress was equated with westernisation behind us: Jaishankar
Asserting that globalisation does not mean uniformity, Jaishakar while delivering the inaugural speech at the 12th World Hindi Conference at Denarau Convention Centre Nadi said in fact, it is only by understanding and accepting the diversity of our world that we can do it full justice.
Europe risks new age of protectionism in joining US subsidy race
The EU unveiled its Green Deal Industrial Plan this past week in an effort to accelerate the development of its clean technology sector through massive investment aid and tax credits.
The death of globalisation? You won't find it in New Orleans.
Executives at the New Orleans port are wagering on that transformation: They recently unveiled a plan to spend $1.8 billion on expanding the port to a new site that can handle more trade and accommodate bigger boats.
At Davos, war, climate and 'de-globalisation' take centre stage
For half a century, the World Economic Forum in the Swiss Alps has brought together executives and policymakers to sing the praises of globalisation, but that process is seen as unwinding as new fault lines harden around the world.
How a Texas border city is shaping the future of global trade
American companies sobered by the supply chain upheavals of the pandemic and alarmed by the animosity between the United States and China are reducing their dependence on factories across the Pacific by shifting production to Mexico.
India's G20 presidency to usher in human-centric globalisation, writes PM Narendra Modi
India's G20 agenda will be inclusive, ambitious, action-oriented and decisive. Let us join together to make India's G20 presidency a presidency of healing, harmony and hope.
We are at a sharp turning point now — ‘free lunch’ era of low interest rates is receding: Kenneth S. Rogoff
"Earlier, suppose the US treasury spent too much and inflation and growth rose. By increasing interest rates, you could bring them back to normal. But when there’s a war, supply shocks and climate impacts, you face raised prices, lowered growth — and no magic bullet. We’re looking at a sharp turning point in the global economy now."
The world is getting less flat as retreat from globalisation continues
There has also been a flurry of news reports, backed by some flaky data, suggesting that companies really are building new manufacturing facilities in the United States and other high-income countries.
Inflation is raging because globalisation is fading
Eras of globalization don’t last forever. An earlier one ended with a bang in 1914. Our own may die a more protracted death. Well before the recent inflation scare, cracks began appearing in the globalization facade.
IMF's Georgieva: 'Trend of fragmentation is strong'
The IMF last month slashed its global growth outlook for 2022 to 3.6% from 4.4%, the second downgrade this year, and she repeated her warning that events since then may prompt additional cuts to the forecast.
Russia war ends the era of globalisation that kept inflation low
The widening rupture between the world's democracies and its autocracies has further darkened the global picture.
Arbitration best-suited dispute resolution mechanism for globalised world: CJI N V Ramana
"Trust in the globalised world can only be built by creating institutions with a strong emphasis on the rule of law. Rule of law and arbitration are not in conflict with one another. Both arbitration and judicial adjudication aim to serve the same goal - the pursuit of justice. Indian courts are known for their pro-arbitration stance," said CJI N V Ramana.
Indo-Pacific is a 'fact of life': External Affairs Minister S Jaishankar
External Affairs Minister S Jaishankar was speaking at the third Indo-Pacific Regional Dialogue where he talked about de-risking the world from concentrated production and fragile supply chains.
Multilateralism in crisis: Can the world live without WTO?
In an age of rising protectionism and trade wars, the future for globalisation and the organisation that champions it, looks bleak.
Covid vaccines and lessons: India can benefit from a dose of globalisation
India needs to nurture and retain its human talent, attract global capital, and integrate with global supply chains.
Deglobalization: The ultimate ‘fake news’ story
Some of the most promising plays on globalisation are smallcap companies operating in niche markets on a global scale.
Time is ripe for legislation containing compulsory 'pre-litigation mediation': CJI
Speaking at the 3rd edition of of an international conference on 'Arbitration in the Era of Globalisation', Justice Bobde said a robust "arbitration bar" is critical to the development of institutional arbitration in India as it would ensure availability and accessibility of practitioners with knowledge and experience.
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