TLDR: 3 steps to fix globalization

by The World Economic Forum (highlights provided for you by Annotote)

“ It’s recently become fashionable to worry that the fabric of democracy is being undermined as people feel left behind by globalization and automation. I think these fears are to some extent well founded. But this isn’t a new problem: it goes back at least as far as the 1980s.

“ Benjamin Friedman made the case in The Moral Consequences of Economic Growth that democracy requires a growing economy to lubricate the necessary give and take. When people see their own lives improving, they tend to be sanguine about others’ lives improving more quickly. However, when their own living standards have declined, and they expect their children’s to be even worse, resentment against others who are doing better is inevitable.

“ we still need to develop a serious policy response … essentially, taking regional policy much more seriously. I see three main elements to this…

  1. Infrastructure: making fast broadband universal, but it also points to the need for better transport, like high-speed rail
  2. Education: teaching more coding?[and] help children develop the human skills that machines seem furthest away from mastering, such as creativity in problem solving.
  3. Devolved power: giving local levels of government more power

“ the initiative needs to come from the public sector, because public capital is the only kind of capital people in left-behind regions can access.

“ given current fiscal challenges, but the problem is less about resources than political will. Get serious about ending tax breaks for corporations and wealthy individuals

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