Liam Fox is secretary of state for Defence, UK
The Guardian Newspaper, an Opinion
Two hundred and forty years ago, Adam Smith published one of the most important texts ever written. The Wealth of Nations set out his vision of free trade as a pathway to opportunity and prosperity for all; and that in a true open global economy no one need lose out – we all could benefit.
Globalization needs to be championed more vigorously
Yesterday I was in Manchester speaking about why I believe his principles are as much alive and relevant today as they were in the 18th century – despite vastly different trading environments.
We stand on the verge of an unprecedented ability to liberate global trade for the benefit of our whole planet with technological advances, such as the internet and e-commerce, dissolving the barriers of time and distance. And because of the brave and historic decision of the British people to leave the European Union, I believe the UK is in a prime position to become a world leader in free trade.
Globalization represents an acceleration of the trend in which the world has become increasingly compressed, economically, culturally and politically. However, it is becoming increasingly misunderstood and its benefits not championed vigorously enough. While the increased economic activity that globalization has generated has been broadly welcomed by business, politicians have often worried about how the dissolving concepts of sovereignty will affect their ability to influence events, and many have worried about the effects on the world’s most vulnerable people.
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From Foreign Affairs, September 14, 2016
Has the Group Outlived Its Purpose?
By REBECCA LIAO who is the Director of Business Development at Globality, Inc. She is also a writer and China analyst.
Over Labor Day weekend, the leaders of the G-20 countries gathered in Hangzhou, China, for their annual summit. Their goal this year: save the good name of globalization, which has recently taken a beating. In the wake of Brexit, the U.S. Republican presidential candidacy of Donald Trump, the rise of the European far right, and China’s own anti-Westernism, the G-20 leaders were supposed to renew their commitment to collective economic growth and open cross-border trade and investment. —————————-
—————–One area in which international cooperation is crucial, however, is in tax regulations that prevent tax evasion. High-net-worth individuals and corporations are able to move their income to jurisdictions with lower taxes, most of the time through legal means. This ability to hide income stymies tax-and-transfer programs, not to mention that it has meant a significant hit to government revenues in advanced and developing countries alike. In response, the G-20 and OECD have partnered to devise and implement a framework on tax reform that individual countries may implement at a customized pace. The success of this initiative remains to be seen since it internationalizes a tool that is at the heart of a country’s economic sovereignty.
Asking countries to incrementally but broadly give up that sovereignty is not a worthwhile endeavor for the G-20, or for any multilateral organization. It would be better served by focusing on problems that are recognized to be global in nature and by encouraging countries to cooperate on other economic issues without standardizing growth initiatives or imposing growth targets. In the end, after the summits are over, the job of saving globalization is still waiting for the leaders when they arrive home.
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Bloomberg View published this article on September 6, 2016
The Editorial Board, Bloomberg.
Quantum mechanics, Carl Sagan once observed, is so strange that “common sense is almost useless in approaching it.” Scientists still don’t understand exactly why matter behaves as it does at the quantum level. Yet they’re getting better at exploiting its peculiar dynamics — in ways that may soon upend the technology business.
One of the most interesting applications is in computing. In theory, quantum computers could take advantage of odd subatomic interactions to solve certain problems far faster than a conventional machine could. Although a full-scale quantum computer is still years off, scientists have lately made a lot of progress on the materials, designs and methods needed to make one.