Governing globalization for jobs and equity
In his address to the Governing Body, Prof Ian Goldin, Director of Oxford Martin School made a remarkable analysis of the dynamics of globalization and offered insights and perspectives into how policy actions on equity, migration, innovation and growth will shape our lives and work in the twenty-first century.
He argued that the global imbalances we are witnessing today are rooted in two central systemic failures of globalization: growing inequality and (dis)connectivity. At a time of hyperconnectivity and knowledge sharing, the gap between the governance system and the world is flagrant. “What we see in the institutional structures and what we see in the role of national governments is the growing disconnect between the challenges facing the world and the ability of our nations to collectively solve global problems”, he said.
He went further to recognize the role of nation states and of governments in economic regulatory policies and commended the role of multilateral institutions in helping this process. Global and national growth are significant, but the failure of growth to translate into jobs, particularly jobs for youth, is evident everywhere.
Goldin said that the current crisis, the first of the twenty-first century and of many more to come, reflects a failure of institutions and of the dynamics of globalization. Our societies will become more subjected to shock, induced by a wider range of failures that would come from surprising areas and across our borders at increasing speed. Hence, social policies to protect the vulnerable are needed now in order to mitigate future shocks. The impact of migration flows on jobs, employment and societies cannot be neglected and an inclusive globalization would have to adopt policies that are inclusive of people, including migrants, but not at the cost of local communities.
Goldin commended the policies advanced by ILO’s Global Jobs Pact and advised on the continuation and mainstreaming of such measures into national development strategies.
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Ian Goldin was Vice President of the World Bank (2003-2006) and served on the Bank's senior management team, leading the Bank's collaboration with the United Nations and other partners. From 1996 to 2001 he was Chief Executive and Managing Director of the Development Bank of Southern Africa and served as an advisor to President Nelson Mandela. Previously, he was Principal Economist at the European Bank for Reconstruction and Development (EBRD) in London, and Program Director at the OECD Development Centre in Paris, where he directed the Programs on Trade, Environment and Sustainable Development.