Davos 2019 - Globalization: Retreat or Reinvention?

TL;DR

This panel discusses the current state of globalization, highlighting both the positive aspects and the rise of anti-globalization movements. Experts believe technology and the need for a more balanced approach to trade will shape the future of globalization.

Transcript

jazz has stopped and I'm happy to welcome you to this afternoon's panel the topic today is it's a big one it's a globalization retreat or reinvention I welcome all of you here in the room as well as everyone who is joining on line on top link and on Politico my name is Matt Kaminski I'm the global editor of of Politico I have a terrific group here ... Read More

Key Insights

• 💗 Globalization continues to thrive economically, but there are growing concerns and calls for a more balanced and inclusive approach.
• 👯 The financial industry has made progress in adapting to post-crisis regulations, but the focus should shift towards investment in people and addressing the human impact of accelerated change.
• 🌐 The US's retreat from globalization is driven by structural changes in the global economy, as well as political and domestic considerations.
• 🌍 Technology, including artificial intelligence and data, is a major force shaping the future of globalization, requiring international cooperation and common regulations.
• 🤗 China's role in globalization is significant, and discussions around trade, technology, and intellectual property are important for maintaining a fair and open global system.

Questions & Answers

Q: Is globalization on the retreat or still prospering?

While economic indicators show growth and increased global integration, public opinion and political movements highlight concerns and calls for a more balanced approach to globalization.

Q: How has the global financial crisis affected the perception of globalization?

The crisis has led to a retreat in some aspects of globalization, particularly in the financial sector. However, regulations and adaptations have been implemented to mitigate similar crises in the future.

Q: Can multilateral trade agreements like the WTO survive in the current political climate?

The survival of multilateral trade agreements hinges on embracing a more flexible approach, where groups of countries can negotiate certain terms without requiring universal agreement. The WTO can provide a platform for best practices and cooperation.

Q: How can the US and European Union align their digital policies in the face of Chinese competition?

The US and European Union have differing approaches to digital policies, but they share a common interest in data privacy and protection. It is suggested that they could collaborate to create a framework for interoperability, while still allowing for regional differences.

Summary & Key Takeaways

• The panel explores two contrasting views of globalization: one that sees it prospering and one that identifies a retreat. Economic indicators suggest that globalization is still thriving, but public opinion and political movements indicate concerns.

• CEOs from Deutsche Post DHL and UBS express optimism and discuss the importance of global economic growth. They call for a better understanding between different generations and the need for reevaluating certain aspects of globalization.

• The discussion shifts towards the impact of the global financial crisis and the role of the financial sector in globalization. The panelists emphasize the need for innovation and adaptive regulations to address the changes in the global economy.