MAKING GLOBALISATION WORK: BETTER LIVES FOR ALL
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MAKING GLOBALISATION WORK: BETTER LIVES FOR ALL
10th October 2017 @ 5:00 pm - 6:00 pm
Economic globalisation has advanced rapidly over the past three decades; the spread of people and ideas has facilitated the dissemination of technological advances, which has been transformative.
But in spite of the positives, the way globalisation has proceeded is linked to the stagnation of the well-being of those with lower incomes, in contrast to those at the top, who have benefited most. Rising discontent has fuelled a backlash against this globalisation, and in some cases a rejection of multi-lateralism.
By kind invitation of the Rt. Hon. The Viscount Waverley, The Henry Jackson Society is delighted to invite you to an event with Gabriela Ramos who is the Chief of Staff and Special Counsellor to the Secretary-General, OECD, and Sherpa to the G7 and G20. Ms Ramos will speak about the OECD’s role in the policy response and will outline the need for more inclusive growth and increasing productivity (and what that might mean for governments), the need to move away from the current economic model of “grow first, distribute later”, and the need to avoid a damaging retreat from economic openness.
Gabriela Ramos is the Chief of Staff and Special Counsellor to the Secretary-General, OECD, and Sherpa to the G7 and G20. Besides supporting the Strategic Agenda of the Secretary-General, she is responsible for the contributions of the Organisation to the global agenda, including the G20 and the G7. A champion for gender equality, Ms Ramos has overseen the launching of the OECD’s Gender Strategy. In recognition of her efforts on inclusive growth and gender equality, Ms Ramos was awarded the Forbes Prize for Entrepreneurial Excellence in June 2017.
On 10 October 2017, the Henry Jackson Society was pleased to host an event with Gabriela Ramos — Chief of Staff and Special Counsellor to the Secretary-General, OECD, and Sherpa to the G7 and G20 — by invitation of the Rt. Hon. The Viscount Waverley, to outline how models which ensure increased productivity and inclusivity can be implemented in the new century.
Ms Ramos began her discussion by warning the OECD is currently experiencing a backlash to the model developed and implemented for the past three decades, itself triggered primarily by the interconnectedness promoted through the advent of the Internet and the “globalisation phenomenon.” Faced with hard economic conditions, exacerbated by rising levels of migration and facilitated through social and cultural change, disillusioned minorities and disadvantaged majorities respond to these changes by opting for “radical and extreme” political options; through this lens, according to Ms Ramos, should we understand the Brexit referendum in the UK and the election of Donald Trump to the presidency in the US.
Political tumult paradoxically occurs at a point in which the world economy, having suffered a chronic and intractable crisis, appears to be growing at a stable and sustainable rate; Ms Ramos emphasised that countries which have chosen to dislocate from global interactions will therefore “miss out” on this recovery. The case par excellence appeared to be the UK: Whereas the world economy is due to grow at 3.5 percent this year, the British economy will gravitate at 1.6 percent this year, to fall to 1 percent in 2018 — all this before the UK finalises its withdrawal from the EU.
Profound uncertainty in the political sphere has been partially caused by soaring rates of inequality, as improvements in growth rates predominantly benefit those with rising incomes. Ms Ramos stipulated that inequality has an intergenerational profile, wherein youth unemployment in Europe occurs at a higher rate than the access to benefits from older generations; younger and poorer communities thus have less access to basic universal goods (i.e., healthcare and education).
Ms Ramos concluded by questioning how the OECD might create a growth model sustainable and applicable for all. She maintained that part of the issue in diagnosing the problem has been a primary focus on the “material measure of growth.” This, she alleged, was a misnomer; GDP may not reflect inequalities in income distribution. Ms Ramos advocated efforts to look at increasing growth through inclusive means, such as encouraging women to fulfil a greater presence in scientific research. Finally, she emphasised that the OECD considers itself to be an evidence-based institute, which inevitably cannot have the answers to these entrenched problems at hand: Due to the sheer interconnectedness of communities and countries in the new century, Ms Ramos said, a global conversation was vital.
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