Jim O’Neill asks if new challenges mean an end to the era of globalisation.
Excellent examples: Good Year tyres.
Jim believes globalisation a good force for mankind. Of course, not everyone. He starts at the rough end, Good Year Tyres. From certainty and £40,000 a year, at 56 he’s packaging yoghurts on 20,000 a year. I know the feeling. Dip of the Lower Middle class in OECD countries.
People who have not benefited: While, china, india, globalisation been successful, in Iowa, their lives are not necssarily better than their parents. so ‘on facebook every single one of my class mates behind the candicy of Donald Trump’.
Globalisation end of a neo liberalisation era. These national elites will keep all benefits of right wing economics high inequality
Globalisation – taken millions out of poverty. But Indian academic does not agree.
China did not do the standard economics: 100 million million class, life expectancy higher than world average. Though remarkable journey, most important in world trade. Largest trading partner. Largest market for more than 70 countries. By 2020 will be a larger importer than the EU. How did it manage it? It violated almost every rule of post 1990 globalisation – it controlled capital flows, it subsidises industry, it required foreign investors to use local content, it violated trade secrets and intellectual property, maintained wide state ownership.
Bretton Woods – the economic system developed after WW2?
Marx argument those who owned the capital would get more and more of the rewards, those who didn’t got less. George Osborn answer: make sure that people have more capital than capitalism – more generous pensions, stake in the company they work for, you can democratise captitalism. John Lewis. GO proud of Conservative increase of minimum wages, increased the wages of lowest 5% (that’s me).
Good Year. In France harder to close a factory than the UK, more relaxed labour laws. In Uk 45 days consultation. Profitably business closed in UK. Voted Brexit as legislation does not protect us.
In the UK the majority of shares are held by people oversees. Shares held for months. What loyalty to the business? Goodyear offered the workers jobs in Mexico. Globalisation asset stripping.
Identity: Manchester United. Supporter boycotted for 11 years since ManU in 205 when the Glazers took over, had no connection, investors in the brand, they could not acquire Cocacola for the amount they paid for ManU with such great coverage.
Markets need help in speeding the positive forces of globalisation. Some people, countries feel left behind. Main thing to include.