What We've Learnt About Globalization


Speaking notes during the Beijing Forum 2019 

As noted by Pierre Teilhard de Chardin, “Man came silently into the world". This observation made by the great 19th Century French philosopher and theologian could be referring to globalization. And indeed, globalization came into the world silently, and we don’t truly know when exactly that happened. Some attribute its beginning to the end of the 20th century, while others connect it with the creation of global governance institutions after World War II. Some believe that the foundation of globalization was laid during the Industrial Revolution of the 18th–19th centuries; others push the origins of the global world back to the Age of Discovery in the 15th–16th centuries.

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Eurasia – an economic space from Lisbon to Vladivostok and European security


- Walter Schwimmer, President of International Institute for Social and Economic Studies; Secretary General, Council of Europe (1999-2004). Vienna, 4 November 2019.

The fall of the Berlin wall opened many previously closed doors. But aren’t there also new obstacles and barriers to use these allegedly open doors? Are there new curtains and walls behind these doors? Are declarations like that of Minsk from February 12, 2015 just empty words, or will the leaders go to implement what they said: Leaders remain committed to the vision of a joint humanitarian and economic space from the Atlantic to the Pacific? 

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Russia- restructuring geopolitics of West Asia


The last few years have seen a gradual decline of American power in west Asia balanced by a rapid rise in the influence of Russia and China. The European Union has been sidelined in the region as a result of its ancillary position towards the United States and its failed policies in the Libyan and Syrian conflicts. 

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Abhijit Banerjee’s prescription for Indian economy: ‘Stop PMO interference, raise NREGA wages, pray’


The economist, who was awarded the Nobel prize on Monday, spoke just last week about what Indian policymakers need to do. 

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Indian-origin Abhijit Banerjee, wife Esther Duflo awarded Nobel Prize for Economics


Fifty-eight-year-old Banerjee was born in 1961. He studied in Calcutta University and Jawaharlal Nehru University and then did a PhD from Harvard in 1988. 

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Equations between leaders matter in a world in flux


Published with the kind permission of the author

If India is to preserve its strategic autonomy and be a leading power, it must maintain a degree of balance in its relations with big powers such as the US, Russia and China. It need not, and cannot, have the same level of relationship with all three because the nature and content of ties with each of them is different. Modi is calibrating India’s policies accordingly. 

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Is shareholder capitalism passe?



The emerging backlash against CSR and the resultant endorsement of shareholder capitalism make sense 

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Comment by Ralf Ostner/ Global Review


As it stands, the next German government will become a black-green coalition or even a green-black coalition with a green German chancellor. The other more unlikely option would be a green-red-red goverment--however: The Green Party would also play the leading role. . Weber (CSU / EPP) has even described a black-green coalition as a model for the future. The Greens see themselves not only as an environmental party (Umweltpartei) , but also as value orientated party (Wertepartei). 

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Russia joins Paris Climate Change Agreement: clear the way for an EU-Russia Eco-Alliance?


In the following a programmatic article by the more Putinbiased Russia expert and Gazprom consultant for the EU Prof. Alexander Rahr, in which he propagates an eco-alliance between Russia and the EU. After that my assessment. 

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Are Economists Ideologically Biased?


Economists like to think they’re immune from ideological influence. New research shows otherwise. 

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The Economic Consequences of Automation


Economic theory does not provide a clear answer regarding the overall impact of technological progress on jobs. And even if automation has traditionally been beneficial in the long run, policymakers should never ignore its disruptive short-term effects on workers. 

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Dr. Kortunow (Russian Council) : Potentials for a cooperation between the EU and Russia


Published in accordance with the MOU between IISES and RIAC

After the Russian Council published ideas about a German-Chinese axis which should be transformed in a Eurasian triangle with Russia, Andrej Kortunow, director of the Russian International Affairs Council (RIAC) gave an interview outlining the potentials for an cooperation and coordination between the EU and Russia. The interview is avaiable here.

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Economics Can’t Explain Why Inequality Decreases


A problem with Piketty’s explanation

In September I went to an international conference in Vienna, Austria, The Haves and the Have Nots: Exploring the Global History of Wealth and Income Inequality. One thing I learned at the conference is that, apparently, economists don’t really know why inequality increases and decreases. Especially, why it decreases. 

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Too much inequality impedes support for public goods


Too much inequality impedes support for public goods, according to research published in Nature.

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How Do the Economic Elites Get the Idea That They ‘Deserve’ More?


The natural tendency toward discrimination and inequality 

The ‘haves’ of the world are always convinced that they deserve their wealth. That their gargantuan income reflects their ingenuity, ‘human capital’, the risks they (or their parents) took, their work ethic, their acumen, their application, their good luck even. The economists (especially members of the so-called Chicago School. e.g. Gary Becker) aid and abet the self-serving beliefs of the powerful by arguing that arbitrary discrimination in the distribution of wealth and social roles cannot survive for long the pressures of competition (i.e. that, sooner or later, people will be rewarded in proportion to their contribution to society). Most of the rest of us suspect that this is plainly false. That the distribution of power and wealth can be, and usually is, highly arbitrary and independent of ‘marginal productivity’, ‘risk taking’ or, indeed, any personal characteristic of those who rise to the top.

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Steaming back into the Indo-Pacific


Europe - India - Russia: an Alternative Perspective

An exchange in 1964 between U.S. diplomat Chester Bowles and Triloki Nath Kaul, India’s then Ambassador to Moscow, offers a fascinating insight into contemporary geopolitics. While discussing South East Asia, Bowles said, “it would be a good thing if India could try to bring the Soviet and American points of view closer… India’s friendship with both could act as a sort of bridge between them.” He “hoped that it would be possible for [the] USA and USSR, with the help of India, to come to some kind of understanding about preventing Chinese expansionism and infiltration in South East Asia.” Kaul replied, “India would be glad to bring the U.S. and Soviet points of view closer as far as lay within our ability. In fact this was our present policy.” This response reflected India’s then geostrategy to position itself as an area of agreement between the superpowers. 

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The rise of modernmonetary theory



Published with the kind permission of the author

Much of what is new in MMT is unconvincing and a dangeroustemplate for public policy

Many of the Democratic party contenders forthe US Presidency have endorsed a set of economicpolicies promoted by purveyors ofwhat is called “Modern Monetary Theory” (MMT).The charismatic Congresswoman Alexandria Ocasio–Cortez, who though too young to run for Presidentherself, has already set part of the Democrat’s agendawith the Green New Deal, has now endorsed MMT asthe basis for the Democrat’s economic policy. In thisshe joins Stephanie Kelton, a professor at Stony BrookUniversity, who was an advisor to Bernie Sanders in2016 after serving as the chief economist in the USSenate Budget Committee in 2015. The archbishop ofMMT is Herman Minsky’s student, L Randall Wray,whose Modern Money Theory ,(2nd edtn, PalgraveMacmillan, 2015) provides the best consolidatedaccount of the “theory” and policyprescriptions of MMT.

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Indian economy strongest in 300 years, investor confidence at historic high: Narayana Murthy


Murthy said patriotism implies working for the country, putting its interests ahead of one's personal interests. 

Infosys (NSE 0.96 %) co-founder N R Narayana Murthy on Thursday said India has for the first time in 300 years an economic environment that breeds confidence and optimism that its poverty can be eliminated.  

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Jamia organises lecture on 'Sanskrit in India and Abroad'


International delegates grace a Sanskrit event, 'Sanskrit in India and Abroad' at Jamia Millia Islamia.

Department of Sanskrit and Sanskrit Research Council of Jamia Millia Islamia (JMI) have organised the first lecture of a year-long special lecture series on 'Sanskrit in India and Abroad'. Prof. Najma Akhtar, Vice-Chancellor, JMI, who was also the Chief Guest, said, "Sanskrit is not only a language but also a carrier of great Indian civilisation which is spreading and influencing the whole world". 

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Between Polycentrism and Bipolarity



The concept of multipolarity, at least in Russia, remains an eclectic assortment of general political statements and observations concerning important, but separate, global development trends. Multipolarity, as an inevitable and desired state of the international system (a new world order), has been put on hold until an increasingly distant future and is clearly evolving (especially in official political narratives) towards the old Soviet-era bipolar outlook on world politics. This evolution, different aspects of which are analyzed in this article, creates substantial potential challenges to Russia’s positioning in the emerging system of international relations and slows down the development of the Russian theory of international relations. A convincing alternative to the multipolar concept is a multilateral one. The differences between the two are identified and analyzed in the final section of this article. 

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