Making globalisation work: Shared benefits & improved well-being for all

Globalization, while not a new phenomenon, has evolved significantly over the past few decades, intensifying its effects due to digitalization and financialization, which have propelled high-growth economies into major roles. It has yielded substantial societal benefits, such as a decrease in extreme poverty and increased access to goods and services. However, these advantages have not been equally distributed, leading to job losses, especially in certain regions, and widening income inequality fueled by uncompetitive practices and the dark economy. To address these challenges, it is essential to develop a new economic model that emphasizes inclusivity and equity while harnessing the potential of the fourth industrial revolution. The OECD aims to facilitate this transition by fostering policies that prioritize well-being and equal opportunities for all. They emphasize the need for coordinated efforts among various stakeholders to create effective and fair policies that cater to the evolving needs of society in this digital age.