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In the News

De-Globalisation: World economy on brink of ‘cold war two'

Graham Watson

12th December 2023

The Deputy Director of the IMF, Gita Gopinath, has suggested that a move away from globalisation and an economic Cold War based on US and Chinese power blocs has the potential to wipe trillions of dollars off global GDP as the world seemingly enters new trading relationships.

This important FT video looks at the way that Joe BIden's Inflation Reduction Act has changed the nature of the global trading order and goes as far as to posit that it represents a pivotal moment in starting to move away from globalisation and a new form of economic nationalism.

Evidence here of the ability of large firms to engage in widespread tax avoidance, with UHY Hacker Young estimating that large companies underpaid £5.6bn in tax last year, a 14% rise on the previous year. I always point this out that this costs HM Treasury far more than benefit fraud.

Graham Watson

Graham Watson has taught Economics for over twenty years. He contributes to tutor2u, reads voraciously and is interested in all aspects of Teaching and Learning.

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