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Addressing Globalization’s Shortfalls

After finally recognizing the shortcomings of globalization, the World Bank, IMF and WTO propose solutions to problems caused by globalization and trade

Transnational organizations like the World Bank, the International Monetary Fund (IMO) and the World Trade Organization (WTO) have been great advocates for globalization and international trade. They have consistently credited these phenomena for helping drive global economic growth. However, in advanced economies like the United States, globalization and trade is now being blamed for loss of manufacturing and other blue collar jobs and has led to unemployment and income inequality.  

Experts argue that discontent with globalization has led to a rise in populism and protectionism across the West, which manifested in the form of Brexit in the United Kingdom and the election of President Donald Trump in the U.S. With the role of trade in the global economy at a critical juncture, a joint report published by the World Bank, IMF and WTO acknowledges the shortcomings of globalization. The report attempts to address these flaws by providing policy recommendations and solutions that help workers and communities that have been negatively impacted by globalization.

The policy recommendation includes solutions like creating safeguards for workers by changing labor market policies, and creating better policies around housing, credit and education. Some of these changes have already been implemented. Evaluation of the impact of these policies has shown mixed results. This report and its policy recommendations are considered to be an important first step undertaken by the main proponents of globalization to address the problems associated with it.

Read the full story here (via Quartz)

Here’s what else we’re reading 

How Two Georgia Tech Students Came Up With The Common App For Internships

Applying to internships can be a daunting and time-consuming process for students. Two Georgia Tech students have come up with an online tool that streamlines the internship application process. They built a platform called InternBlitz — similar to the Common App for college applicants—where students input their standard information only once and then can add internships that they are interested in. The website then scans the internships and shows users unique questions in each application. After completing the specific questions and requirements, users can submit all their applications with a single click. So far this app is only available to Georgia Tech students. It was recently awarded $10,000 at a university-wide competition. (via NPR)

How This Academy Wants To Build Coding Schools Within Refugee Camps

Africa houses more than 26 percent of the world’s refugee population, according to the United Nations Refugee Agency . Many refugees have little or no access to higher education and their future prospects are bleak. An organization called the Refugee Code Academy recognized that the plight many refugees face in the African continent was going unnoticed. They saw an opportunity to not only highlight the struggles of refugees, but found a way to use technology to address their socio-economic and humanitarian issues by building a site to teach coding skills to refugees. (via Blavity)

Header photo via Quartz

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