The market-radical regime of globalisation started to unfold in the 1970s. Since then, integration of financial markets and global value chains have grown to unprecedented levels. Multinational companies and financial institutions have gained substantial power. Globalisation produced winners, but also many losers. Contrary to expectations, many countries have experienced low GDP growth, accompanied by financial booms-bust cycles and high unemployment. Inequality within countries and between developed and poor countries increased, with only a small number of developing countries catching up. Right-wing parties are on the rise and hit long-standing left anti-globalisation movements. All this seems to indicate that the present type of globalisation is economically and politically exhausted. At our 21st conference, we assessed how the past globalisation process can be explained, in which direction it may develop, and which policies are needed to make the global economy beneficial for all.
During three conference days more than 400 participants engaged in lively discussions with presenters of about 140 selected papers in parallel sessions and nine keynote presentations. On this website you find the conference documentation including papers, slides and videos of introductory workshops and plenary sessions.
INTRODUCTORY LECTURES ON HETERODOX ECONOMICS
On Thursday morning, the conference starts with introductory lectures attracting more than 100 graduate students interested in alternative approaches to macroeconomics. This years’ workshops provide an analysis of the unsustainable development in India and China, an introduction to post-Keynesian economics as well as a presentation on Neo-Kaleckian demand regimes and the personal distribution of income.
ANALYSIS OF THE UNSUSTAINABLE DEVELOPMENT IN INDIA AND CHINA
Hansjörg Herr (Berlin School of Economics and Law, DE), co-organizer of the event, inaugurates the main part of the conference on Thursday evening. He emphasises the importance of the annual FMM conference as one of Europe's biggest conference on post-Keynesian economics. Moreover, he introduces the topic of this year's conference by describing the main implications of the globalisation process.
Each of the conference days climaxes in plenary sessions in the early evening, addressing the following themes:
• The History and Development of Globalisation
• Current Issues of Globalisation
• Shaping Globalisation
The sessions consist of three keynote speeches and a concluding panel discussion. Please find video recordings of the contributions below.
PLENARY SESSION I: THE HISTORY AND DEVELOPMENT OF GLOBALISATION
The first plenary session deals with the evolution of globalisation and its impact on both advanced and emerging economies. It is chaired by Sebastian Gechert (Macroeconomic Policy Institute (IMK), DE), spokesperson of the FMM coordinating committee.
GLOBAL INSTABILITY AND THE DEVELOPMENT PROJECT: IS THE 21ST CENTURY DIFFERENT?
Jayati Ghosh (Jawaharlal Nehru University, IN)
Jayati Ghosh, a distinghuished researcher in the fields of globalisation and development, talks about today's globalisation dynamics and, more precisely, about the relation between global instability and development. She discusses China's role in the world economy, its development and implications for the rest of the world. Finally, she presents suggestions how the “global development project” can be approached.
GLOBALISATION AND THE DYNAMICS OF CAPITALISM DIVERSITY
Bruno Amable (Université de Genève, CH)
Bruno Amable, Professor for European Studies , discusses the impact of globalisation on the capitalism diversity in developed countries, especially in European countries. In his view, globalisation dynamics cannot be seen as an automatic process but rather as results of the interaction between international and domestic forces. He illustrates this by discussing the example of welfare state entrenchment. Furthermore, Bruno presents an analysis of the changes within European growth models. He thereby identifies a common trend towards liberalisation.
FORMS OF GLOBALISATION: FROM ‚CAPITALISM UNLEASHED‘ TO A GLOBAL GREEN NEW DEAL
Jonathan Michie (University of Oxford, UK)
The third keynote speech is given by Jonathan Michie, Professor of Innovation and Knowledge Exchange and author of the book “Advanced Introduction to Globalisation”. Based on the assumption that globalisation is not predetermined but a process that is created by political institutions and actors, Jonathan claims that the current form of globalisation, namely an unleashed capitalism, has to be replaced by a global green new deal that promotes social and ecological sustainability.
PLENARY SESSION II: CURRENT ISSUES OF GLOBALISATION
At the end of the second conference day the plenary session, chaired by Heike Joebges (University of Applied Sciences Berlin, DE), member of the FMM coordinating committee, covers current issues of globalisation, such as the implications of asymmetries in the international monetary system, global inequality and the relation between globalisation and financial crisis.
CURRENCY HIERARCHY AND POLICY SPACE: A RESEARCH AGENDA FOR DEVELOPMENT ECONOMICS
Barbara Fritz (Freie Universität Berlin, DE)
The first contribution in this session deals with asymmetries in the international monetary system. In her talk, Barbara Fritz, FMM Fellow and Professor of Economics and Latin American Economies, introduces the concept of currency hierarchies and its implications for the policy space of developing countries. She presents the challenges for economies which are at the bottom of the hierarchy and concludes that there is no universal strategy to climb the ladder.
RECENT CHANGES IN GLOBAL INCOME DISTRIBUTION AND THEIR POLITICAL IMPLICATIONS
Branko Milanovic (City University of New York, US)
Branko Milanovic, a well-known researcher in the fields of development and inequality, former lead economist in the World Bank's research department and author of the book “Global inequality: A New Approach for the Age of Globalization”, talks about global inequality and its changes due to the rebalancing of economic activity among world regions, especially between Europe and Asia. Furthermore, he presents the policy implications of the changes in global income distribution.
Moritz Schularick (University of Bonn, DE)
In his talk, Moritz Schularich, who is an expert for international economics and financial instability, addresses the questions, how far globalisation leads to financial instability and which impact financial crisis have on the globalisation process. He first gives an overview on the history of financial globalisation and the occurrence of financial crisis before he discusses the crisis' effects on globalisation, namely the decline in financial integration and the rise of populism.
The final plenary session of the conference, chaired by Andrew Watt (Macroeconomic Policy Institute (IMK), DE), co-organizer of the conference, deals with the future of globalisation and the impact of robotisation. Moreover, the development and current state of the liberal idea are discussed.
GLOBALISATION AND UNDERDEVELOPMENT – WHAT SHOULD BE CHANGED?
Hansjörg Herr (Berlin School of Economics and Law, DE)
The first keynote speech is given by Hanjörg Herr who is a long-standing member of FMM. He discusses the causes of the lack of convergence in the global economy before he presents four development traps. He finally claims to replace the current globalisation regime, which does not allow for convergence and implies high inequality, by an alternative type, which for instance include trade regulations, free transfer of knowledge and institutions for global governance.
Dalia Marin (Ludwig-Maximilians University Munich, DE)
Dalia Marin, Professor of International Economics, talks about the implications of robotisation for the globalisation process. She discusses the reshoring due to the emergence robots as one of the reasons for a slowdown in international trade. Dalia illustrates how important robots are in both industrialised and emerging economies and discusses the implications for the labour market and education.
THE END OF LIBERALISM
Samuel Bowles (Santa Fe Institute and CORE, US)
Samuel Bowles, who does research in the fields of institutions and cooperative behaviour as well as on social inequality, guides the audience through the history of liberalism starting at the end of the 17th century. He emphasizes that liberalism initially aimed at protecting the weak against the powerful. He then describes the current notion of liberalism as a global laissez-faire that causes inequality and xenophobic intolerance. Samuel concludes by claiming joint efforts to promote a democratic civil society.
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