Making globalisation work: Shared benefits & improved well-being for all
Updated: November 20, 2024
Summary
Globalization, driven by digitalization and financialization, has brought both benefits and challenges to society. While it has lifted millions out of extreme poverty and improved access to goods and technology, issues like income inequality and uncompetitive practices persist. To address these challenges, a new social and economic model is needed, leveraging the advancements of the fourth industrial revolution and promoting collaboration among governments, businesses, and international organizations. The OECD plays a key role in supporting governments and designing policies to ensure inclusive growth, well-being, and equal opportunities in today's globalized and digitalized world.
Introduction to Globalization
Globalization has been a long-standing practice of trading goods, services, skills, and ideas to generate wealth and prosperity. In recent decades, globalization has intensified, influenced by digitalization and financialization, leading to both benefits and challenges for society.
Benefits of Globalization
Globalization has resulted in lifting one billion people out of extreme poverty, increased access to goods at lower prices, and enhanced social and cultural interactions through new technologies and digital platforms. However, the benefits have not been equally shared, and job losses, income inequality, and uncompetitive practices have posed challenges.
Challenges of Globalization
Issues such as unequal sharing of benefits, income and wealth inequality, uncompetitive practices, and the dark economy including tax avoidance and corruption have hindered the fair outcomes of globalization. Concerns exist about the impact on the future and present of societies due to globalization.
Need for New Solutions
To address the challenges of today's globalized and digitalized world, a new social and economic model is required. This model should preserve the gains of globalization, leverage the advancements of the fourth industrial revolution, and promote a stronger global system with collaboration among governments, regions, businesses, and international organizations.
OECD's Role
The OECD has been instrumental in supporting member governments, fostering growth and development through inclusive initiatives, and designing policies focused on people's well-being and equal opportunities. The OECD aims to empower citizens and regions to adapt to technological changes, enhance education, skills, SMEs, and labor market improvements, and drive global initiatives on the digital economy, taxes, competition, and anti-corruption.
Towards Better Lives
There is a growing need for better policies to improve lives for everyone, especially in the face of unprecedented challenges. Coordinated efforts are essential to forge policies that empower citizens, ensure fair policies, and drive global well-being.
FAQ
Q: What is globalization?
A: Globalization is the long-standing practice of trading goods, services, skills, and ideas to generate wealth and prosperity.
Q: What are some of the benefits of globalization?
A: Some benefits of globalization include lifting one billion people out of extreme poverty, increased access to goods at lower prices, and enhanced social and cultural interactions through new technologies and digital platforms.
Q: What are some challenges posed by globalization?
A: Challenges posed by globalization include job losses, income inequality, uncompetitive practices, unequal sharing of benefits, income and wealth inequality, tax avoidance, and corruption.
Q: Why is a new social and economic model required in today's globalized world?
A: A new social and economic model is required to address the challenges of today's globalized world, preserving the gains of globalization, leveraging advancements of the fourth industrial revolution, and promoting a stronger global system with collaboration among governments, regions, businesses, and international organizations.
Q: What role does the OECD play in supporting member governments?
A: The OECD supports member governments by fostering growth and development through inclusive initiatives, designing policies focused on people's well-being and equal opportunities, empowering citizens and regions to adapt to technological changes, enhancing education and skills, promoting SMEs and labor market improvements, and driving global initiatives on the digital economy, taxes, competition, and anti-corruption.
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