Ambassador Blog: Stephen King
This blog has been written by two of our student ambassadors at the Strathclyde Business School – Sarunas Savulionis and Estera Nowak
Recent events demonstrate a slowdown in Globalization. On the 28th of January at Strathclyde Business School a presentation delivered by Stephen King discussed the possible reasons driving the change and what may await us in the near future.
The esteemed economist and author has been a part of HSBC for over seventeen years where he held the role of a Chief Global Economist and later Senior Economic Adviser. Mr King has successfully released four publications, his previous book “When the money runs out” being chosen as the book of the year by Financial Times.
It was stated by Stephen King that globalisation has caused the income and living standards inequality between nations to start decreasing and it is likely to fall more than ever before – a great example of this is the rapidly developing China, as it has been estimated that historically 10 years of Chinese growth is equivalent to 50 years of US.
In the western world, however, a growing part of the population does not view globalisation as positively in the current times. According to Stephen D. King, this might have been caused by the rise of individualism. As globalisation led to more labour-intensive jobs being outsourced abroad, the value of community started fading away. Although part of the unsatisfied population are now in a better financial position than ever before, the lack of a supportive community has had an effect on their views on globalisation.
Technological advances have built bridges for many countries in the world as it allows for easier communication, it can almost feel as if there is no difference as to where people, goods or services come from. Stephen King has highlighted that it should not be assumed that technology will always bring us to a better situation, rather, we should look through history and understand that globalisation can advance. This can be achieved “by the development – and demise of the ideas and institutions that form our politics, frame our economies and fashion our financial systems both locally and globally” as written by Mr. King in his new book called “Grave new world” which was available for purchase with a personalised dedication from the author after the presentation. The following book has been positively recognised by many leading voices in the subject of Economics including Martin Wolf who is widely considered to be one of the world’s most influential writers and an associate editor and chief economics commentator at the Financial Times, who reviewed the book by stating that it is ‘well-argued and credibly pessimistic’.
The above review comes with no surprise as it moves the subject of challenges in the twenty-first century, one of them being money, which as explained, became a weapon used to conduct economic rivalry. Instead of fostering economic growth, the monetary policies set by central banks resulted in dividing people between winners and losers both within and across the borders, thus dividing the policymakers and citizens even further.
Stephen King discussed that the twenty-first century is in serious trouble and the world does not stand in a healthy financial situation which means that not much was learned from the financial crisis. In this world of competing regions, the subject of Brexit should be discussed frequently, because if the United Kingdom leaves the European Union, the chances of trade with China or the US by his opinion are low, specifically since the US and China have ended their long-lasting feud, reiterating that Globalisation is inevitable.
For anyone with an interest in globalisation “Grave new world” is definitely a book worth attention, the author discusses his views and findings, in an engaging and entertaining manner.