Looking Back to Move Ahead
IMF Blog, June 16, 2017
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Bibliographic details
- Authors: The Editors
- Published: June 16, 2017
Main message
- While advances in science and technology are rapidly propelling human achievement into the future, history shows how to handle the changes occurring in the world today.
- Ian Goldin, Professor of Globalization and Development at Oxford University in the United Kindom, compares present-day upheavals with the social and political instability of the 15th Century in his book Age of Discovery.
Dual nature of progress
- “We are now at a crossroads for humanity,” Goldin says.
- Positive trends highlighted:
- longer human life spans
- poverty reduction
- higher literacy
- Negative trends highlighted:
- intolerance
- fears of terrorism
- environmental concerns
- Historical parallel: the 1500’s brought both an explosion of genius and creativity (for example, the Guttenberg printing press) and destruction and extremism (for example, religious wars and persecution) because policymakers struggled to keep up with an information revolution.
Social and political implications of technological and economic change
- Today's drivers: social media, globalization, and inequality.
- Political response pattern: “It is not those places where change is occurring that are revolting against change; it is the places that are left behind,” he says.
- Disadvantaged groups who feel locked out of opportunities are a key source of unrest.
Institutional and policy recommendations
- Global financial institutions should reassess whether their structures are fit to help people deal with disruptions.
- Broader engagement beyond national governments:
- “We need to focus on how we can solve 80 percent of the problems with 20 percent of the actors, and they won't always be governments,” he says.
- Potential actors include pharmaceutical or energy companies, cities, or states.
- Policymakers and institutions “are going to have to be more flexible when deciding with whom we engage.”
Related resources and formats (as presented)
- Podcast featuring Ian Goldin discussing Age of Discovery.
- Articles on:
- the transformative effects of technology and globalization
- the future of work for millennials
- other topics in recent issues of the IMF’s Finance and Development magazine
About the blog and institution
- IMFBlog is a forum for the views of the International Monetary Fund (IMF) staff and officials on pressing economic and policy issues of the day.
- The IMF is based in Washington D.C. and is an organization of 191 countries, working to foster global monetary cooperation and financial stability around the world.
- The views expressed are those of the author(s) and do not necessarily represent the views of the IMF and its Executive Board.
Source: IMFBlog entry “Looking Back to Move Ahead,” The Editors, June 16, 2017.
