Question

300 words

Fundamental changes in globalization are emerging. We are living in an entirely new era, a dynamic time of provocative and kinetic change. Accelerating and complex changes are transforming our world, but which ones are the most important?

How will these changes in globalization emerge, and why is it important?

https://www.forbes.com/sites/worldeconomicforum/2018/01/17/globalization-got-stuck-in-the-20th-century-heres-what-it-should-look-like-in-the-21st-century/#229863a1619a

Answer 1

In the global economy, cross-border commerce has played an unheralded role in producing the inclusive global prosperity we’ve enjoyed over the past 60 years.. Now free trade has come under criticism in the West from populists who blame trade for every lost factory job. Trade barriers are being set in place and the trading arena is contracting. Brexit is becoming a reality.Trade wars and slapping of import duties and tariffs led by US and China are promoting protectionism.Power is overiding the Law. These complex chnages are the ones which are most important as they are proceeding with accelerated impact in our economies.

Solution is to expand the global economy for which we need to expand global trade. Few facts that can help to expand global trade can be listed as below-

1. we need to restore power of the global trading system WTO - it needs a strong governing body at its core. The first step would be for the WTO to reform the transparency and notification system, and speed up the dispute settlement process.
2. Today, the service industry is a much bigger force — and services such as information technology, logistics, architecture, law and accounting now trade easily across borders. We need new trade laws that allow goverance for digital and services areas
3. Custom Reforms are needed to remove customs inefficiencies and the quotas, licensing inorder to bring down the cost of trading. And local-content laws are needed that are designed to protect domestic producers. Policymakers everywhere are needed to act in good faith to push governments around the world to do the right thing.
4. We must ensure that trade is more inclusive and helps support sustainable development.Governments also must create better safety nets for the workers who lose their jobs to trade flows or technology - through retraining workers through classes or on-the-job apprenticeships, wage and health insurance, etc

For trade to drive global growth — and for that growth to be shared more widely — governments, businesses, NGOs and others must make a concerted effort to work together.