Luca d’Agliano Lecture in Development Economics
2 June 2022 @ 10:00 - 12:00
- Past event
Luca d’Agliano Lecture in Development Economics
De-Globalization? Global Value Chains and the Global Economic Turmoil
POL ANTRÀS
Robert G. Ory Professor of Economics, Harvard University
Venue: Fondazione Collegio Carlo Alberto, Piazza Arbarello 8 Torino
This year the Luca d’Agliano Lecture is organised within the framework of the Festival Internazionale dell’Economia
Programme
10.00 Welcoming Address
Francesco Profumo, President, Fondazione Compagnia di San Paolo
Giorgio Barba Navaretti, Professor of Economics, University of Milan; Scientific Director, Centro Studi Luca d’Agliano; President, Fondazione Collegio Carlo Alberto
10.10 Introduction to the Lecture
Thierry Verdier, Professor of Economics, Paris School of Economics; Chairman, Scientific Advisory Board, Centro Studi Luca d’Agliano
10.20 Lecture
Pol Antràs, Robert G. Ory Professor of Economics, Harvard University
11.05 Debate
Abstract
In this lecture, I will evaluate the extent to which the world economy has entered a phase of de-globalisation, and I will offer some speculative thoughts on the future of global value chains. Although the growth of international trade flows relative to that of GDP has slowed down since the Great Recession, I have found little systematic evidence indicating that the world economy has already entered an era of de-globalisation. Instead, the observed slowdown in globalization is a natural sequel to the unsustainable increase in globalization experienced in the late 1980s, 1990s and early 2000s. I will offer a description of the mechanisms leading to that earlier expansionary phase, together with a discussion of why these forces might have run out of steam, and of the extent to which they may be reversible. I will conclude that the main challenge for the future of globalisation is institutional and political in nature rather than technological, although new technologies might aggravate the trends in inequality that have created the current political backlash against globalisation. Zooming in on current events, I will similarly conclude that the future of globalisation may be darker if geopolitical tensions continue to rise, especially in light of the recent Russian invasion of Ukraine.
For furher infomation please contact: centro.dagliano@unimi.it
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