Last Saturday's Progressive Governance Summit presented a number of mixed reactions in the international community and this blog is not left alone.
“It highlighted opportunities offered by globalisation, and therefore the need to embrace it…two-handed strategy, it advocated a combination of bold domestic reforms and a strengthening of global governance to make the most of economic globalisation.”
That objective however, had not been achieved. But the blame...
“However the speed and magnitude of the transformation affecting the world economy are larger than initially envisaged, while domestic policy reforms and redistribution have often been insufficient to cope with this adjustment challenge.”
The paper admits...
“…the two-handed globalisation strategy has not been invalidated by events, but has not been fully implemented.”
looking at the years ahead..
"The return of scarcity and mounting concerns over economic security; the re-emergence of state capitalism and the rise of Sovereign Wealth Funds; and financial instability represent new challenges to address. The continuing development of an open, multilateral world economy is less able to be taken for granted today than it could a decade ago.”
[what of Social Stock Markets, Microfinance, Fair Trade and EPAs]
On the whole globalisation has failed the world when most individual companies make more profits that the GDP of more than five sub-saharan African countries combined. Globalisation only help the rich nations to become more richer. There might be others who disagree but the results are there for all to see.
The discussion of globalisation can not be done without touching on Development, Climate Change and international Institutions which are also sub-themes of the summit.