Whatever you think about Brexit, it doesn’t make sense to secure Britain’s economic future by adding red tape. Theresa May’s government wants to tamp down net migration. That’s has opened space for some new self-defeating proposals.
As China’s growth slowed in recent years, India surpassed it to become one of the world’s fastest growing economies. But can India sustain the pace, and will the rest of the region follow? Here's how South Asia can exploit today’s globalization opportunities more effectively.
Love it or hate it, Brexit implies some of the biggest changes to European trade and development policy in a generation. Decisions made over the next three years will have important consequences for people living in developing countries, possibly for decades to come. That is why we are scaling up our work at CGD to assess the policy choices realistically and find new opportunities to improve development outcomes.
A key argument for trade liberalization is that benefits are generally large enough to compensate the losers and leave no one worse off. In practice, compensation rarely occurs. So part of what is happening is the chickens are coming home to roost for policymakers, especially in the United States, who paid too little heed to the losers from trade. But there is more to the opposition to trade agreements, especially in Europe where the safety nets and adjustment programs are more robust.
When the Upper House of India’s parliament recently passed the landmark Goods and Service Tax (GST) legislation, India finally, after more than six decades of independence, became a truly common market. That could be a game changer for India’s development in the coming years.
While the United Kingdom (UK) is working out its relationship status with Europe, it will also have to resolve its trade relations with the rest of the world. The UK will need to establish the foundation on which new trade relationships will be built—that means bringing its membership in the World Trade Organization (WTO) up to date.
It’s been three weeks since the UK voted to leave the European Union in the move popularly known as Brexit, and the consequences are still becoming apparent. Senior fellow and director of CGD Europe Owen Barder joins the podcast from London this week to take a balanced look at possibilities for the UK’s future, and consider implications for the country and the developing world.
The Brexit vote illustrates what can happen when people feel their job opportunities are suffering due to liberalized trade policies. If we want open migration and trade policies, we need to focus on domestic job losses.
In India, the price of onions is an election issue, so ubiquitous are they in the nation’s cooking. Regularly, around the world, poor consumers face extra hardship as the prices of basic foodstuffs seesaw. Global food security is an area CGD has worked on for many years, and back in mid-2008, we tried to help figure out a solution to the skyrocketing price of a major staple.
The release of leaked documents from negotiations of the Transatlantic Trade and Investment Partnership (TTIP) captured news headlines last week, but the materials tell us little that we didn’t already know. The documents mainly confirmed that scant progress has been made. I’ve already gone on record as skeptical that negotiators will secure a TTIP deal, even in principle, this year. So instead I want to offer two suggestions as talks move forward.