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Slower World Growth or Global Recession with the Trade War? Read chapter Read first chapter

2020 | OriginalPaper | Chapter

Is Globalization Sustainable?

Authors : Luigi Paganetto, Pasquale Lucio Scandizzo

Published in: Capitalism, Global Change and Sustainable Development

Publisher: Springer International Publishing

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Abstract

Globalization creates both positive externalities and negative effects that undermine economic growth and decrease total factor productivity and economic agents’ motivation. Despite the rapid advance of digital technologies, aggregate productivity growth has slowed over the past decade or so, raising the question of how digital technologies can boost productivity. Costs and benefits are not evaluable making the real effect unclear. Nowadays, globalization seems to be necessary for the economic system, but unsustainable because of the increasing social discontent. In this context, no magic bullet is likely to exist. A crucial need is the recovery of an institutional framework where governments at all levels, are nevertheless again endowed with the function and the power to pursue wellbeing, innovation and growth through proactive economic policies.

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previous chapter Artificial Intelligence, Its Corporate Use and How It Will Affect the Future of Work
Footnotes
1
R. Baldwin (2019) believes that Globalization 1.0 and 2.0 favored the G7 countries, while the new globalization 3.0 is definitely favoring countries such as India and China. The reason, in his opinion, is that after a globalization that brought about the shift of goods and services but left investments in innovation in the G7 countries, today the ICT technologies allow the transfer of knowledge according to the axis of the Global value chain. The explosive development of digital technologies creates the possibility of creating artificial intelligence, which in turn may favor emerging countries that can adjust labor skills at much lower costs than in the G7 countries.
 
Literature
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Metadata
Title
Is Globalization Sustainable?
Authors
Luigi Paganetto
Pasquale Lucio Scandizzo
Copyright Year
2020
Book
Capitalism, Global Change and Sustainable Development

Print ISBN: 978-3-030-46142-3

Electronic ISBN: 978-3-030-46143-0

Copyright Year: 2020

DOI
https://doi.org/10.1007/978-3-030-46143-0_15