Which side will win out in the current confrontation playing out across the world? The inward-looking attitude that has been so widespread these past months aims at taking power back locally. Meanwhile, the more cooperative approach involves joining forces to address global challenges and is based on continued dialogue. The choice between these two world views will be the key challenge for 2018.
The world is no longer quite so unanimous in its enthusiasm for globalization.
The cooperative dynamics we saw before the 2008 crisis are no longer the dominant force, and this shift was laid bare during the various elections and the referendums of recent times, as globalization and its cooperative approach did not lead to even distribution of wealth, particularly in developed countries. Branko Milanovic’s famous elephant curve was often held up as an example to demonstrate that the most badly off workers in the western countries had paid the price of globalization and swift growth in emerging countries, such as China and India. Continue reading