With the shareholders of EBRD reviewing its current operations and as Sir Suma is succeeded by a new president, CSIS releases a new white paper to examine the opportunities and challenges to the EBRD, the transatlantic relationship, and the stability of the global economy. [Note: contains copyrighted material].
The world is committed to acting on climate change. At least since the signing of the United Nations Framework Convention on Climate Change in 1992, the international community has been united in its commitment to preventing ‘dangerous anthropogenic interference with the climate system’. In the Paris agreement of 2015, almost all countries set out individual targets or actions they would take towards meeting this collective goal. Earlier this year, the UN Climate Action Summit highlighted many examples of governments, businesses and civil society groups leading the way to a low carbon economy. There is general consensus on the need for deep cuts in emissions as rapidly as is practical. However, it is equally clear that emissions are still rising, not falling, and economic change is not happening anywhere near quickly enough. Note: contains copyrighted material].
Today’s advances in fifth-generation telecommunications (5G) promise a transformational technology that is critical to enabling the next industrial revolution. 5G will provide massive benefits for future economic development and national competitiveness, including certain military applications. 5G is far more than simply a faster iteration of 4G. The benefits include its high speed, low latency, and high throughput, which enable data flows at vastly greater speed and volume than today’s 4G networks. Future smart cities will rely on 5G, autonomous vehicles will depend on this increased connectivity, future manufacturing will leverage 5G to enable improved automation, and even agriculture could benefit from these advances. The advent of 5G could contribute trillions to the world economy over the next couple of decades, setting the stage for new advances in productivity and innovation.
The United States risks losing a critical competitive advantage if it fails to capitalize upon the opportunity and manage the challenges of 5G. Today, China seems poised to become a global leader and first mover in 5G. The United States may be situated in a position of relative disadvantage. The U.S. government has yet to commit to any funding or national initiatives in 5G that are close to comparable in scope and scale to those of China, which is dedicating hundreds of billions to 5G development and deployment. There are also reasons for serious concern about the long-term viability and diversity of global supply chains in this industry. Huawei, a Chinese company with global ambitions, seems to be on course to become dominant in 5G, establishing new pilots and partnerships worldwide. [Note: contains copyrighted material].
In the immediate aftermath of the Second World War, the United States and other leading democracies built an international system that ushered in an almost 70-year period of remarkable peace and prosperity. Founded on democratic and open-market principles, its institutions and rules have promoted global economic growth and development, lifted hundreds of millions out of poverty, and advanced the cause of freedom. After three decades of largely uncontested primacy, however, this rules-based system is now under unprecedented challenge, both from within and without. In March 2018, we launched an initiative under the auspices of the Atlantic Council aimed at revitalizing the rules-based international system and reinvigorating support for its core tenets. We were joined by a distinguished group of former officials and strategists in creating a Declaration of Principles for Freedom, Peace, and Prosperity—offering seven statements that we believe are foundational for a revitalized international system and reflect the common aspirations of the human spirit. The principles are intended to provide a clear and compelling statement of values—a “north star”—around which political leaders and the broader public can rally in demonstrating their support for the rules-based system. But principles alone are not enough. We need a new strategy—one ambitious enough to meet the moment, and one innovative enough to fit the challenges and opportunities of the 21st century. In this paper, Present at the Re-Creation, Ash Jain and Matthew Kroenig propose a visionary but actionable global strategy for revitalizing, adapting, and defending the rules-based international system. [Note: contains copyrighted material].
For many years, the Center for Strategic and International Studies (CSIS) and the Shanghai Institutes for International Studies (SIIS) have had a broad and productive relationship exploring critical issues in the U.S.-China relationship and in global affairs. Since 2015, we have cohosted the U.S.-China Dialogue on the Global Economic Order, a track 1.5 dialogue that has sought to build mutual trust, enhance communication, identify issues, and propose solutions. The series of semiannual workshops, alternating between China and the United States, has covered a wide range of topics, including trade, investment, finance, and technology. The dialogue has drawn scholars, former policymakers, and current officials from the United States and China across a wide range of institutions and disciplines.
This volume consists of a series of parallel essays on the global economic order by U.S. and Chinese scholars who have participated in our dialogue. The value of this text is found not only in the ideas presented by the essayists but also in the opportunity to “listen” to each other as we manage our differences and seek a shared reform agenda for the global economic order. This report starts the journey.
These essays were drafted during the Spring of 2019 and reflect data that may have changed since that period. [Note: contains copyrighted material].
Ten years on from the global financial crisis, the world economy remains locked in a cycle of low or flat productivity growth despite the injection of more than $10 trillion by central banks. The latest Global Competitiveness Report paints a gloomy picture, yet it also shows that those countries with a holistic approach to socio-economic challenges, look set to get ahead in the race to the frontier. [Note: contains copyrighted material].