- Opening DAY 2
GLOBSEC Talk: Winners and Losers of the US-China Trade War
There is a confusing trade war going on and we have a problem, because the origins are misunderstood and policy recommendations are misguided. The factors we hear are driving the trade war are 1) Trade deficits, 2) Unfair foreign investment and technology transfer policies, and 3) Changing the international order. The last is increasingly the case, the first two are misperceptions. Technology has driven unprecedented growth in emerging markets, and the WTO enshrines the imperative for the developed world to transfer knowledge to the developing. Any problems with the turn of affairs have avenues to be addresses within the existing system, through legal remedies, updating the WTO, or facing competition head-on.
“US dominance of the global economy (…)is due to one thing – its dominance of services in the financial sector. That is the control. That is power. It has nothing to do with manufacturing, but people think it has something to do with manufacturing.”
“China is different – it is trying to become more innovative than any other developing country and this is causing a concern in the West. But when it comes to success, they are actually below the line.”
“Why do we have the war? Because China is unique. It is the first developing state that is a global power.”
11:30 – 12:30
Impact Investment: Future of Sustainability
The future of sustainability has been mapped out for us in the Sustainable Development Goals. This must include the private sector as there is a severe lack of available financing in the public sector alone. There are creative tools and options available for private sector lending using credit proxies, corporate sector responsibility, and rising interest in impact investing led by a increased awareness in the digital age. The challenges in meeting the SDGs lies in mobilising these finances rapidly, gaining regulation and action from the public sector, an acceptance by the developed world that the SDGs apply to them, and creative long term planning by governments to ensure that funds are spent where they can make the best impact.
“The direction is right, the platform is there, but we don’t see the right speed today.” – Rosen Plevneliev
“Instead of relying on the rules and policies of the past, we might understand how we can bring more actors and more stakeholders into the conversation” – Shamina Singh
“We should know that if the world’s economy is extremely imbalanced – both extremely poor and extremely wealthy – it is not sustainable.” – Renwei Huang
“Sustainable Development Goals don’t apply to the developing world, they apply to everyone.” – Katatína Mathernová
11:30 – 12:30
Global Trade on Life Support
The distress of global trade, seen today particularly in the tensions between the US and China, is a symptom of a rapidly changed world. There is a general consensus that trade wars or a cold war would trigger economic slowdown. The current global framework including the WTO is insufficient to address a host of new challenges, including e-business, the environment, sustainability, and subsidies, as well as more far-reaching advance of the technological revolution such as 5G and AI. The existing framework must be collaboratively revised.
“In the name of security, insecurity was created.” – Jianping Zhang
“We need a global system to start looking at questions like 5G, if there is a concern, let us put global standards around it. If we do not, the tensions only get worse” – Yukon Huang
“The whole game is about who is going to set the rules and who is going to follow the rules for the next hundred years. There is a saying in politics, if you are not at the table, you will be on the menu.” – Gordon Bajnai
17:15 – 17:45
What’s Ahead for the U.S. and the Global Economy
Governance across the globe should focus on stabilising trade, currency, and cultivating environment for innovation within their borders. Technology will always move faster than governance, and countries must alleviate uncertainty but also avoid overregulation. Social welfare is at its best when a country has markets performing well over a longer time period. Transformative change must be treated with caution to avoid mistakes like the Great War.
If these trade issues were solved within these next few months, the US economy would experience a boom.
Countries dont trade with each other. Individuals and organisations do.
I don’t worry about losing a technology, I worry about creating an environment where these technologies can be created.
- End of DAY 2
14:15 – 14:45
GLOBSEC Talk: Science Fiction in Healthcare
Digital health is the healthcare of the future. We are undergoing a cultural transformation, and becoming patients from the future, fully equipped with data about ourselves, shooting for life expectancies of 100 years and beyond, and hoping to form partnershis with our healthcare professionals instead of hierarchies. The healthcare industry and goverments must face this trend and support patients by promoting freedom of choice and improve data privacy. The ivory tower of medicine is no more due to the democratisation of information and its access, and medical professionals must evolve to become guides for patients in the jungle of digital health information.
“The patient of the future will be walking on thin ice unless they get help from policymakers.”
“The ivory tower of medicine is no more. Medical professionals are now guides in the jungle of digital health information.”