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World Bank admits some have lost out from free trade

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World Bank admits some have lost out from free trade

 

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The World Bank has admitted the growth of global free trade has not been a success for all.

An internal briefing document seen by the BBC says the effects of globalisation on advanced economies is "often uneven" and "may have led to rising wage inequality".

The bank, which provides loans to developing countries, also says that "adjustment costs", such as helping people who have lost their jobs, have been higher than expected.

Dr Jim Kim, the head of the World Bank, told the BBC that he understood why people were angry in advanced economies despite the fact that free trade was one of the "most powerful" drivers of growth and prosperity.

"I hear them and they are saying that my life is not better than my parents and my children's life does not look like it's going to be better than mine," he told me.

"So there is a real concern but the answer is to have more robust social security programmes, so you have a safety net. And then you need to get serious about getting the skills you need for the jobs of the future."

China effect

Dr Kim said that 20% of jobs lost in advanced economies could be linked to trade, with the rest down to automation and the need for new skills.

Paging Mr Sherlock, Paging Mr Sherlock......

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Impoverishing the world to make a few psychopaths in tax havens happy. Neoliberalism has failed the vast majority. Its not even a free market system - Adam Smith would never had condoned the market rigging, tax dodging, cartels that have bribed politicians the world over. 

We have accepted a system that rewards blatant theft by the powerful, creates mountains of debt bearing interest for the 'elite', delivers austerity, poverty, and exploitation all so a tiny minority of greedy people get to play 'who's yacht is the biggest'. Mad. 

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"So there is a real concern but the answer is to have more robust social security programmes, so you have a safety net. And then you need to get serious about getting the skills you need for the jobs of the future."

 

More tax credits, tiny homes and bailouts for the rich :rolleyes:

More central bank rip offs to line their own pockets.

Edited by billybong

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It does seem like the beginning of a shift in policy.  First May, then this from the world bank.  A probable reason for this is that they are starting to see it unravel, with brexit, some European countries kicking off about immigration, the possibility of trump winning.  Or, they might have just come to realise that relying on the exponential growth of debt isn't really sustainable :lol:

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Its not free trade.

The Economist did a special report on world trade and the like.

The two significant changes to world trade n the last 20 years has been the entry of China and India.

Bar capital goods to China, neither of those countries are free traders.

China is pursuing a massive make-work-scheme, blocking imports of pretty much everything bar capital.

India is so bent, its just exporting people. Try opening up any form of business in India or China, big or small.

Like most economic theories, the one of free trade was done a long time ago and misses out on the influence of containers and that fact that some countries might be pursuing long-term disastrous polices to achieve very short term goals -  esp. China.

 

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45 minutes ago, Peter Hun said:

All will take is President Trump to with draw from the WTO and so will the rest of the World.

Problem solved.

I keep reading WTO as NWO. :mellow: :lol:

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Brexit should have been a slam dunk for the Elites- they had all the institutional firepower and more than enough money to create the requisite level of fear among the plebs to get their way.

The fact that this did not work has clearly put the wind up them hence this sudden awakening to the concerns of 'the little guy'.

Globalisation was a project designed to break the link between western prosperity and the incomes of it's proles- and it worked- most of the gains now gather at the top. What did not seem to occur to the Elites is that those same proles might eventually work out that the system was no longer operating in their interest- and that they might want to change it.

I recall reading a while ago a brillantly written rant against the depredations of greedy bankers and crony capitalists- and I agreed with every word of it. It was only at the very end that I saw that it was a transcript of speech made in the 1930's by a guy called Hitler. A guy who intially  gained power not through violence but via a democratic vote.

So it's not as inconsistent as it first seems that the Elites have developed this sudden interest in the views of the great unwashed- they are only acting in their own self interest by doing so- hoping to prevent the ascension of other populist movements that might replace them in the seats of power.

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On 10/6/2016 at 8:02 PM, interestrateripoff said:

World Bank admits some have lost out from free trade

 

Paging Mr Sherlock, Paging Mr Sherlock......

...equality is the wrong word as usual ..success is driven by the amount of sweat and smart input as a ratio to the expected outcome....stick that in your 'bunnet' and learn from it..genius is 20% inspiration and 80% perspiration ....get it...?....applies in sport also....Corbyn please note....:rolleyes:

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