The ailments of globalization and the growing rivalry between the United States and China yesterday focused the first day of the La Toja Forum, which is being held these days on the Pontevedra island and which brings together prominent figures from politics, business and the academic world.
The session also became a tribute to the promoter of the forum, Josep Piqué, who died recently. King Felipe VI presented the first Josep Piqué-La Toja award to Afghan women and highlighted the former minister’s “extensive and brilliant career of public service” as well as “his willingness to listen to all points of view and seek solutions based on the reason”.
In the debate on globalization, Dani Rodrik, Harvard professor and Princess of Asturias winner of Social Sciences, warned that, contrary to what Bill Clinton and Tony Blair defended decades ago, this process “is not an inevitable force of nature”. It can fall into “hyperglobalization,” derail into “a dangerous autarky,” or lead to “mutable globalization,” which in its opinion is desirable.
The proposal of Rodrik, who has dedicated his academic life to this issue, consists of “reintegrating national economies into globalization.” “Giving priority to the national economy does not harm the international economy. A country that contributes internationally must take care of itself. The hyperglobalization model has led to a lot of national social disintegration,” he stated.
This contraindication coincides with another risk, that of “excessive geopolitical competition between the United States and China.” Contrary to popular belief, “there does not have to be a zero-sum game between China and the United States in which one wins at the expense of the other,” he maintained.
The governor of the Bank of Spain, Pablo Hernández de Cos, defended multilateralism and warned of Europe’s high foreign dependence, even in its exports, which go to few destinations. As a good supervisor, De Cos never tired of asking for “prudence” in the current moment of “globalization with nuances.” He also warned of the risks of excessive public intervention.
The governor also offered some technical impressions of the Bank of Spain. “The evidence does not support that a generalized process of deglobalization is taking place” or “relocation of industrial plants.” Yes, a “regionalization” is taking place among companies, which “now seek support from their closest partners.”
Antón Costas, president of the Economic and Social Council, referred to the current uncertainty as a factor that “prevents us from walking through the fog.” He did it in an optimistic tone: “We must overcome the fatalism of citizens and political leaders who believe that everything will get worse.” “I do not see a new era of protectionism and deglobalization, but I do see an important change in which a balance is sought compared to the situation of the last thirty years,” he stated.
