Mark Carney has come out and said the very thing that every economist studying the subject agrees with. It isn’t true that everyone benefits from free trade and globalisation. The net effect on all humans is vastly positive, but there are still those that lose. And that’s a political problem, not an economic one. For the people who don’t win are, largely speaking, those below median incomes in the already rich countries. It is this which drives the chatter about increasing inequality when in fact inequality, measured globally, is falling.
Read the Full Article: Source – ForbesRead More
Time For Truth: (Forbes) – Mark Carney's Right, Not Everyone Benefits From Free Trade And Globalisation - The Semi-Rich Don't
The governor of the Bank of England has issued a rallying cry to policymakers across advanced economies to tackle the causes of a growing sense of “isolation and detachment” among people who feel left behind by globalisation.
Warning that the UK was suffering its “first lost decade since the 1860s”, Mark Carney said that one of the reasons for the Brexit vote was a sense among people that they had lost control of their futures.
Read the Full Article: Source – The GuardianRead More
Time For Truth: (The Guardian) – Mark Carney: we must tackle isolation and detachment caused by globalisation
One of the recurring concerns involving Europe’s seemingly perpetual economic, financial and social crises, is that these have been largely predetermined, “scripted” and deliberate acts.
This is something the former head of the Bank of England admitted one month ago when Mervyn King said that Europe’s economic depression “is the result of “deliberate” policy choices made by EU elites. It is also what AIG Banque strategist Bernard Connolly said back in 2008 when laying out “What Europe Wants”
The newest member of the Bank of England’s Monetary Policy Committee (MPC) has said growth and wages are the things that will persuade him it is time for an interest rate rise.
Gertjan “Jan” Vlieghe, who joined the rate-setting committee in September, was speaking to the Sunday Times.
The chief economist for the bank of England has warned that approximately half of the workforce in the UK and the US are likely to lose their jobs to robots.
Andy Haldane said that robots could take over up to 15 million British jobs as technological automation trends spread across all industries and service sectors.