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The death of globalisation?
Analysis
Reforming the World Trade Organization
It is clear that the current rules governing subsidies need to be re-looked at by the World Trade Organization. Reforms in the international system are urgently needed, says Manus Shafik from the LSE. Without them, countries will keep building higher walls to insulate themselves from outside threats such as pandemics and climate change. Our focus should be on ensuring globalization works for all, he adds.
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Speaker 1
It is clear that the current rules governing subsidies need to be re-looked at by the World Trade Organization. How do
Speaker 3
we reform what there is? How do we ensure that we have a more level playing field? There may be those agreements that were signed at the WTO in the early days in 1995 may not be up to the job. But to change it, you need some facts. Some of these agreements were entered into before China became a member of the WTO in 2001. So I think it is also fit that we say, OK, the world has changed substantially. Can we take a look at these agreements and make them
Speaker 10
fit for purpose?
Speaker 1
Reforms in the international system are urgently needed. Without them, countries will keep building higher walls to insulate themselves from outside threats. But no walls can be high enough to keep out the big challenges facing humanity, including pandemics, climate change and conflicts. Rather, they increase poverty, slow growth and reduce the skills and investments we need. Most importantly, they undermine political cooperation. Our focus should be on ensuring globalization works for all. Starting at home, Manus Shafik from the LSE.
Speaker 5
One of the problems that is behind the anti-globalization backlash is that while it is usually true that open trade and globalization has increased total output, we've done a pretty poor job of compensating those who've lost out. And we've done a pretty poor job of making sure that we've made the kind of investments in people's skills and infrastructure that enable everyone to take advantage of the potential benefits of globalization.
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