From the wires:
World leaders gather this week at the Swiss ski resort to discuss how to make globalism more inclusive in response to the rising tide of populism.
As part of that agenda Chief Operating Officer of the Thomson Reuters Foundation Antonio Zappulla has suggested private and public sector leaders be encouraged to be more “inclusive” of LGBT staff. — Breitbart
China’s President Xi Jinping will promote “inclusive globalization” at this month’s World Economic Forum (WEF) in Davos and will warn that populist approaches can lead to “war and poverty” … Reuters
Your head just exploded.
For the past 20 years, CEOs have been largely positive about the contribution of globalization to the free movement of capital, goods, and people. However, this year’s survey respondents are skeptical,” the survey, released on Monday evening at the World Economic Forum in Davos, said.
The results come after a tumultuous 12 months for politics with the election win for Donald Trump and the Brexit vote in the U.K. Leading analysts to believe that voters are beginning to question globalization and current socio-economic models. CNBC
In an interview with The Independent, Lord Mark Malloch-Brown, a former UN Deputy Secretary-General and Labour government minister who helped found the BSDC, said the 21st century was shaping up to witness a clash between two great political ideas: nationalism and globalism.
Saying he was speaking personally, rather than as the BSDC’s chair, he admitted that globalisation “hasn’t really worked for many people …”
“Don’t throw globalisation out with the bath water as Trump and some components of the Ukip unit of the Brexiteers appear to have done. But instead embrace globalisation 2.0, or whatever you’d call it …” Lord Mark Malloch-Brown said. — the Independent
Progressive plutocrats, with whom Ms. Freeland seems to feel some kinship, are now catatonic in the face of a Trump presidency. Davos will never be the same. There was always something surreal about the Davos plutocrats and their hangers-on gathering in splendid isolation to decry rising income inequality. In the Trump era, they will seem even more hopelessly extraterrestrial.
While the Davos crowd was making its usual calls for “inclusive growth” and climate accords, the masses had other things on their mind, such as the utter repudiation of the experts in business and politics … — Globe and Mail
Supporters of globalization need to develop a new way to promote open markets that relies on smaller trade deals and helps people who are feeling left out, International Monetary Fund Managing Director Christine Lagarde said.
“I certainly hope there is not a move toward deglobalization,” Lagarde said Friday in an interview with Bloomberg News Editor-in-Chief John Micklethwait in New York. “I equally think we have to move toward globalization that has a different face, and which is not excluding people along the way.” — Newsmax
The current new mediocre
Overall, and this is a point I made in my speech in Chicago a few days ago, we see growth as too low for too long and benefiting too few.
In and of itself, it is not good news, but it is also fertile ground for political dynamics that can depress global growth even more. We believe that countries can actually move from the current new mediocre, move from that current new mediocre to a new pact …
We believe that more can be done to raise growth now and to make it more inclusive. Again, having a determination to include all in the social contract is great, but there has to be growth in order to allocate among everybody…
But it needs to be slightly different. It cannot be that push for trade as we have seen it historically. The inclusiveness, the determination to make it work for all, and to pay attention to those that are at risk of being left out, whether it is as a result of technology, digital economy, or international trade by modification of supply chains, that factor has to be taken into account …
In this context, I am pleased to note that our Board recently approved the extension of zero interest rates …
— Christine LaGarde, International Monetary Fund managing director
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