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Here’s what we have in store this week:
· A new debate about
whether globalization has paid off
· A closer look at where global (and regional)
economies are headed
· Your Sunday reading list
It’s that time of year again; when a small rental apartment in the Swiss Alps can run you $25,000 per week. Yes, the Davos elite are coming. The World Economic Forum kicks off tomorrow. And though the spending is high, murmurs of a recession and a bevy of geo-political crises have kept spirits a bit lower than usual. The global economy faces high inflation, an energy crisis, continued supply chain disruptions as a result of the war in Ukraine, and the prospect of a resurgent Covid-19 from China.There’s lots to discuss. But some old assumptions about global trade are in question. New buzz words like “localnomics,” “friends-shoring,” and “decoupling,” are codifying a growing movement that calls for less interdependence between economies. And a core question now seems to be looming; one that is perhaps fundamental to Davos itself:
Has Globalization Backfired?
Those who argue “YES” say the three-decade trend of trade growing at twice the speed of the world economy has not lifted all boats, and point to environmental concerns of hyper globalized trade and the comparative responsiveness of local markets. Those who argue “NO” say globalization’s virtues are unmistakable, resulting in less poverty and higher incomes and opportunities across the world.
It seems like a debate. So let's have it.
Arguing "YES" is Rana Foroohar, columnist for the Financial Times, author, and commentator on the economy, technology, and business.
Arguing "NO" is Parag Khanna, a best-selling author and a leading global strategy adviser and the founder and managing partner of FutureMap.
John Donvan moderates.
Have a watch or listen. And as always, let us know what you think.
Debating the Data.
Where our respective economies may be headed. Learn more here.
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POINT/COUNTERPOINT
Has globalization backfired?
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YES:
“There was a flaw in this current system of
neoliberal globalization. And that's that capital can always travel faster than
either goods or people. … that gulf has led not only to stagnating economies,
but it has led to dramatic political polarization in much of the developed
world, and parts of the developing world.”
Rana Foroohar
Intelligence Squared U.S. Debates
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NO:
“[Globalization] is going to outlast any
backlash, any backfiring movement against it, because those always proved to be
far more narrow and parochial than they purport to be. And in the end, people
realize that globalization remains much more in their own interest than the
opposite.”
Parah Khanna
Intelligence Squared U.S. Debates
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This edition of the Intelligence Briefing was written by John Donvan, David Ariosto, Marlette Sandoval, and Isabella Lombino.
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